GOLD → Fundamental is stronger than the technical part

10 Okt 2023

XAUUSD is making a new jump. Actually, we talked about it yesterday. Geopolitics affects the interest in gold and the price of the metal. The trend resistance is broken and the price changes the local trend.



Let's take a look at the D1 chart. There is a rather interesting and at the same time controversial situation, in which fundamental factors can be stronger than technical ones.
The price is approaching the retest of a strong resistance line, which has 5 serious confirmations over the last year and a half, so we should wait for a fall when this line is retested.
BUT! At the same time we have strong fundamental factors, on the side of which are such technical nuances as: local consolidation, resistance breakout and candlestick pattern, which hint at further growth.
Also, on the D1, the price breaks the level of 1856.4 and on Monday the session closes above this area. On the local chart, the price breaks up, updates the local high and forms a retest of the range support. By the way, relative to this support, I expect the entry point forging. The price closing above one of the mentioned lines will give us a bullish potential

Support levels: 1857.7, 1856,4, 1846,3
Resistance levels: 1863.7, 1877.56

In the long term I expect the growth to continue, but after a local correction. Targets are indicated on the chart.

XAUUSD XAGUSD GC1! MGC1! SI1! US500 DXY

Regards R. Linda!

11 Okt 2023

Nota

11 Okt 2023

Nota

By the way, here's what I was talking about. The technical component is weaker than the fundamental component. The price is forming an attempt to break the line.