GOLD → The bull market is testing ATH. What to prepare for?

26 ส.ค.

XAUUSD consolidates above 2508 and flies to the key resistance - the border of the range. High probability of a false breakdown and correction before the subsequent growth.

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The lively price growth is based on the sustained weakness of the U.S. dollar after the “dovish” remarks of U.S. Federal Reserve Chairman Jerome Powell at a symposium in Jackson Hole on Friday: “the Fed's easing cycle will begin in September”. The hedge asset, meanwhile, is also benefiting from escalating geopolitical tensions in the Middle East
Focus on US durable goods orders data, which will be released later on Monday.
Technically, strong resistance will be difficult to pass the first time around. MM may test the imbalance zone of 2520 - 2510 before returning for another retest of 2531, the target of which could be a breakout and rise to 2550.

Resistance levels: 2531, 2550
Support levels: 2515, 2508

The global and local trends are bullish and the overall sentiment is clear. This tone is supported by the fundamental background from last Friday. Technically, the continuation of growth should be considered, as there are no prerequisites for a reversal or change of trend at the moment

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

Regards R. Linda!

27 ส.ค.

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The price is testing the local support 2508 and forms a false breakout.
If the bulls are able to consolidate above 2516, the gold may then head towards 2530