GOLD → Recovery after the FB of 0.5 fibo. What's next?

18 Apr

XAUUSD on Thursday tests 0.5 fibo, which I outlined to you on April 17, forms a false breakdown and recovers amid unstable geopolitical relations in the world. Price may continue its northward run.

The dollar continues to fall. The fundamental background depends on the relationship between the US and China as well as economic data especially after Powell's speech. The weekly session closes close to support, the decline may continue.
Gold after the shakeout is heading back north. Based on the fundamental background, the price may continue to rise. There are three days of downtime ahead as traders rest.
Fundamentally, anything can happen over the weekend, however, technically, the emphasis is on intermediate levels. The trend is still strong and bullish

Resistance levels: 3332, 3344, 3357
Support levels: 3313, 3288, 3284

If nothing supernatural happens over the weekend, gold in the Asian session may bounce off the nearest resistance and test trend support before continuing the uptrend. If there are any critical changes in the mood of countries/politicians then I will update the situation

Regards R. Linda!

21 Apr

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