GOLD → Resistance Retest. What to expect from 1984?

23 Okt 2023

XAUUSD is forming a bearish gap from the opening on the background of strong sell-offs after retesting the key resistance at 1984.4. Support is being tested, after which another resistance retest is formed

On Sunday, we discussed the fundamental and technical components. At the moment, the market is focusing on the resistance 1984.4. If this boundary is broken, gold will open the potential for growth towards 2000 and 2025. But! After the active distribution phase, a stronger correction than before 1972 may follow. At this point, I don't see the market ready to break 1984 soon, unless the price is influenced by fundamental leverage. Gold has no breakout potential now (in the near term), it needs to continue to accumulate liquidity, which can only happen in a correction or consolidation phase. Moving averages show a strong trend and candlestick analysis suggests the beginning of a correction.

Resistance levels: 1984.4
Support levels: 1972, 1953

I assume that either a consolidation between 1984-1972 or a correction to 1953 may resume a further breakout of 1984 and a rise to long-range targets

GC1! MGC1! XAGUSD SI1! US500 DXY

Regards R. Linda!

24 Okt 2023

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