GOLD → From rally to consolidation. Rest before NFP...

4 Jul

XAUUSD strengthens on the back of Powell's comments. Light positive notes lead to DXY sell-off and a small rally of XAU to 2364. Today is a day off in the US and tomorrow is NFP.....

It's a day off in the US and there is no liquidity. There may be high volatility during trading, but the movements may be weak. Locally, the price is testing resistance and liquidity area. Within a strong distribution there are not many chances to break through the mentioned area. Most likely the formation of a correction, and local bearish patterns appear on the chart, which may lead to a correction in order to gather energy before tomorrow's NFP.

Resistance levels: 2364, 2375
Support levels: 2353, 2341

Technically, a false breakout after distribution is forming. There is no potential to go up now. High probability of correction or consolidation.

Regards R. Linda!