GOLD → Trading intra-range.. The price continues to stand still

2024年2月7日

XAUUSD has simply been standing still for months now. At least on D1 the range is narrowing and this could lead to something in the medium term.



The dollar is forming a correction after a false breakdown. Fundamentally, the index is strong and continues to be supported by US regulators. At 19:00 GMT Bowman FOMC speaks, it is worth paying attention to his comments.



Gold at 1 is still in a range. It is quite difficult to anchor an entry point to something because there are no safe zones to open orders inside such consolidation. The good news is that the range is narrowing and the denouement of the situation is approaching.
On H1, the price is inside the local range 2039 - 2016 and gold can continue trading inside this consolidation for quite a long time. The resistance was tested earlier, a retest is possible, but on a negative fundamental background and a strong dollar, gold may decline a bit.

Resistance levels: 2039, 2042, 2057
Support levels: 2029, 2016, 2004

A retest of the resistance is possible before a further decline within a range trading strategy. It is worth paying attention to the range 2039 - 2029. Breakout of the boundary and price consolidation above resistance or below support will form a signal for price movement in the corresponding direction.

GC1! GOLD MGC1! DXY

Regards R. Linda!

2024年2月7日

註釋

Short squeeze against indicated resistance
We've been waiting for this scenario. Everything is moving quite calmly due to the absence of news

The market tests the resistance 2039 - 2042, forms a false breakdown and starts to decline.
A rebound may follow from the support

2024年2月8日

註釋

Retest of resistance at 2028 forms a temporary confirmation of the boundary
The price may test the support in the nearest future