GOLD → Local consolidation is forming. What are we waiting for?

13 พ.ย. 2023

XAUUSD is forming a support retest and consolidation on Monday. In all likelihood the market is ready to continue its decline as the DXY is on the defensive and standing still for now.

Yesterday we discussed with you the reasons why the market may still fall before rising further. Targets for the market have not yet been reached as the liquidity area on the resistance side is fully worked out, within range, the market is now heading for liquidity on the support side. In terms of interest, areas of liquidity below 1932.9, 1925, 0.5 fibo and range support could be important for the market.

There is still no understanding of the situation for the dollar and against the backdrop of the Fed pause, it is difficult to talk about an active rise in gold even despite the complex situation in the Middle East.
The Fed's actions and policies overshadow these nuances, including the rather strong news. All the focus is on inflation and the monetary policy rate.

Support levels: 1932.9, 1925
Resistance levels: 1945.8

I assume that in the near future the price may trade inside 1946 - 1933, a break of one of the boundaries will generate a small impulse to one side or the other, but the market is still looking at the 1925 area to test this zone before further growth.

Regards R. Linda!