GOLD → False breakdown before the bullrun... ↑

2024年7月24日

XAUUSD reacts perfectly to the 2390-2400 area, forming a false breakdown with subsequent growth to 2420, but I am now confused by the extremely low volatility.... The calm before the storm....



Gold is bullish on D1, while the dollar index is showing signs that the price may continue its decline in the medium term. Today at 13:45 GMT it is worth paying attention to the S&P PMI at 13:45 GMT and Hew Home Sales at 14:00. The data may revitalize the market, but we need to look at the actual numbers.
Technically, gold has a bullish market on H1, but right now I am extremely confused by the very low volatility, which often leads to momentum to one side or the other. Based on the overall situation there is a chance to see a continuation of growth if the bulls hold their defenses above 2400-2405.

Resistance levels: 2420, 2430, 2450
Support levels: 2405, 2400, 2392

The price is gradually updating the highs, forming clear support zones. A possible retest of the liquidity area before the subsequent bullrun to 2430-2450.
It is not excluded that the price can break the structure and give a strong impulse down to 2370, but at the moment of market analysis there are no preconditions for it

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

Regards R. Linda!

2024年7月24日

交易進行

Updating the local high...