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Gold Spot / U.S. Dollar
Short

GOLD → Consolidation before a strong movement. But where to?

By RLinda
Updated
XAUUSD continues to consolidate and we have questionable preconditions that indicate both a possible fall (fundamental background) and growth (technical background).

snapshot

Gold is holding back after Fed Chairman Powell's speech:
  • The US economy is in remarkably good shape.We are moving very quickly with rates.
  • "I am very pleased with where monetary policy is right now"
  • Unemployment is still very low and progress is being made in fighting inflation
  • The focus remains on the jobless claims data and NFP at this time

Technically, the focus is on consolidation in a locally rising channel format. A price exit from the channel in either direction may be accompanied by a strong impulse.

Resistance levels: 2655, 2660, 2688
Support levels: 2636, 2620, 2605

Two scenarios due to mixed and stalemate situation:
  1. black: Powell commented on the situation as strong enough for the US market, accordingly, gold is forming a consolidation in a flag format, which is technically a pattern for a continuation of the fall.
  2. blue: On D1 there are prerequisites for local growth. If the price breaks 2655, then 2660, the growth may continue to the zone of interest 2688.


Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)


Regards R. Linda!
Trade closed: target reached
snapshot
The analysis was formed correctly and the market realized the scenario I most expected.
Chart PatternsconsolidationDXYFibonacci RetracementFLAGFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisXAUUSDZigzag
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