GOLD → Sellers are testing trend support. What could happen?

2024年2月12日

XAUUSD has been testing the local resistance area since the opening of the session and forming a false breakout with subsequent decline, but at the same time a symmetrical triangle is forming on the chart.

Idea: GOLD → When will the price come out of consolidation?

On D1 the market is still neutral, there is no strong news that would affect the price, but as we can see, gold is testing the global trend support. At the same time, the dollar index continues to form a bullish trend, which is bad for gold.
On H1, we can see the local trend change to a downtrend, but the continuation of the trend is hindered by the support of the symmetrical triangle. We have a chance to catch a breakout of this area. Consolidation of the price below the 2021 area will confirm the market sentiment, ready to decline to 2015-2010.


Pic: Sellers are testing strong trend support

Resistance levels: 2026.400, trend resistance
Support levels: 2021, 2015, 2010, 2004

The gold market is under selling pressure, buyers are trying to hold this pressure, but against the backdrop of a strengthening dollar, the bulls' strength is starting to wear off. Breakout 2021, then 2015 may trigger strong sell-offs on the background of possible liquidation.

DXY GOLD GC1! MGC1!

Regards R. Linda!

2024年2月12日

註釋

tradingview.com/economic-calendar/

From the news today we should wait for 14:20 GMT - Bowman's FOMC speech,
16:00 - NY Fed 1-Year Consumer Inflation Expectations - possibly discussing inflation at the moment, this data may influence the FED's view before a possible interest rate cut.

2024年2月12日

註釋

A retest of the triangle support I wrote about in the idea.
A small bounce is forming on M5, if the price goes back to the support, it will increase the chances of a breakout

2024年2月12日

交易結束：目標達成

Target 1 reached
Retest 2015 ;)

2024年2月12日

註釋

The support for the triangle is broken

2024年2月12日

註釋

We were waiting for the fall. The fall came
150 pips.

The price is testing the support of the global range

2024年2月12日

註釋

The local low to 2011.945 was updated on the background of the pattern support breakout.
Correction is forming (false breakdown of 2015 level)

2024年2月13日

註釋

Price is testing range resistance again