GOLD → False breakdown. Will we return to the bullish trend?

2024年7月19日

XAUUSD is entering the correction phase after a false breakdown of trend resistance and the previous ATH. The fundamental background is changed by Thursday's news that supported the dollar.



Overall, the environment on D1 is still bullish. If the price finds a strong support in the near future, for example 2390-2400, this area may get the status of an intermediate bottom, thus forming a new trading range.
There is no news today, thus the fundamental background remains the same. Trading has been complicated lately by the presidential race in the USA. The statements of Powell, politically dependent Fed, Trump can be perceived by traders quite strongly. But the medium-term outlook is determined by the fact that politicians are generally set to lower the dollar, which is generally favorable for gold, which may soon return to the bullish trend phase (locally)

Resistance levels: 2420, 2429, 2450
Support levels: trend, 2402, 2900

Technically, the price may continue the correction to trend support, but due to the pool of liquidity in the area where the price may land within the correction, gold may get a reaction in the form of a bounce to the nearest resistance

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


Regards R. Linda!

2024年7月19日

註釋

Support levels: trend, 2402, 2390

2024年7月19日

交易結束：目標達成

Target 1 reached

2024年7月19日

交易結束：目標達成

Overall, we were ready for the fall.
Yesterday I said:
“The whole emphasis is on 2461, If the price fixes below, the gold may be driven to the liquidity zone: 2450, 2440, 2430 before further growth.”
Result:

2024年7月20日

交易進行

GOLD is closing below channel support, but at the same time far from the key zone.
Two scenarios can develop:
Either it will be a false breakdown of the rising support followed by a rise to the tsupposed target
BUT! If the price starts to slowly return to the support of 2392, we should expect the price to decline to 2380-2370 in the future.