GOLD → Liquidity is a magnet. Getting ready to test 2475

10 Sep

XAUUSD like the DXY is going up, only the currency has a reason, and gold forms this movement based on manipulation. The price is at a strong resistance and a double top, which forms the prerequisites for a decline towards 2490-2475.



The dollar is strengthening on the background of a weak report on the U.S. labor market, as well as due to the Asian market, where fears of a slowdown in the Chinese economy are growing, despite the fact that traders expect lower interest rates next week. The theme of a “hard landing” for the U.S. economy is still on a high tone.... The reason for gold's rise since the beginning of the trading session on Monday is behind the decline in US Treasury bond yields
All eyes are still on the US inflation data due to be released on Wednesday... There is no reason for the price to move out of the range, accordingly, gold will continue to form a sideways (neutral) market direction.

Resistance levels: 2507, 2516
Support levels: 2500, 2494, 2484, 2475

Technically, the price is bouncing off 0.5 fibo, forming a double top with no opportunity to reach the upper boundary of the range as there is no interest for MM. The key liquidity is hidden in the lower part of the range, where, most likely, the price will seek in the near future on the background of the dollar growth

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

10 Sep

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