GOLD → Re-test of support after a heavy fall

28 Jul 2023

XAUUSD is falling. After the news press release on Wednesday and Thursday, the price fell by 2.27 and this is one of the biggest drops in the last few weeks. The opening of the session begins with consolidation and repeated retest of support

The price is testing the support of 1948.16 and forms a small pullback and this is a fairly predictable reaction. The position in the market quickly turns over and sellers begin to dominate again. The market cannot form a deep pullback and forms a quick retest of support in 1948. This is a strong enough signal that the market is preparing for a continuation of the fall.
I think that there may be an attempt to buy back part of the fall, in which case the price may strengthen until 1959, but I am not sure that this level will be broken.
We monitor the reaction of the price to the specified levels.
Moving averages do not provide clean data, because a struggle between participants is taking shape in the market.




Support levels: 1948, 1933.9 (important level of 1939)
Resistance levels: 1955, 1960
I expect a possible rebound and another support retest, which will only increase the potential for an approaching support breakthrough. Medium-term goal 1939-1927

Sincerely, R. Linda!

29 Jul 2023

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