GOLD → Retest of previously broken support is possible

27 Nov 2023

XAUUSD has been forging a bullish momentum since the opening of the session and updated its global highs to $2018. The market under the pressure of increased interest, weak dollar and fundamental factor is likely to continue its growth.

In the next few days, no important news that could change the situation is expected, therefore, the favorable fundamental background that supports the market may push the price even higher. If we look at the DXY , the dollar has room to fall, as the dollar has not reached its target yet and it is still a long way away.



Gold is moving out of the range and the resistance at 2010 is now a support. There is a high probability that the price can still test this support area before rising further.
The moving averages are supporting the bull market and the price is going to reach one of the important targets: 2022

Support levels: 2010, 2004
Resistance levels: 2018, 2022

I expect that the local momentum may pause to retest the support. The market may head towards the nearest level from below for a retest before rising further. Targets are indicated on the chart.

Regards R. Linda!

27 Nov 2023

Dagangan aktif

Support retest.
As the market has exhausted liquidity since the opening of the session (energy output was formed on the background of bullish impulse early in the morning).

The market is gaining liquidity. False break of support may be a maneuver before further growth