GOLD → Market is at the 0 point on which the direction depends

4 ก.ย. 2023

XAUUSD is testing the 1947 resistance again but after updating the low. The market is in place and is forming flat consolidation. Let me remind - globally the price is testing the resistance of the key descending channel

Locally we have a bullish price channel. Globally, a bearish trend is forming on D1, the price is testing the resistance after a month of correction. Consolidation is formed above the resistance of the channel. Distributive growth to the mentioned zone reduces the chances of resistance breakout, and if the price goes below the 1935 area, the market may form a rather strong bearish impulse.
We are currently interested in the levels of 1947 and 1939. A breakout of 1947 will confirm an attempt to change the trend and in this case the price will head towards 1980-2000. A decline below 1939 will send the price to 1935, a break of which will be a bearish signal for the medium term.

Support levels: 1939, 1935, 1932
Resistance levels: 1947, 1950
I expect a retest of 1939 in the nearest future. Further it will be necessary to follow the price reaction to the level, as well as the area of 1947.

Regards R. Linda!