GOLD → Will the rally end with a FB? 2670 - liquidity...

2024年10月14日

XAUUSD is growing together with the dollar, the correlation cooled down after the change of fundamental background. The range of 2670 - 2600 is being formed. The metal is rallying to resistance for liquidity.



Geopolitical issues. High tensions in the Middle East as well as rising tensions in East Asia between China and Taiwan are worrying investors looking for safe havens.
Last week showed not so good economic data for gold. The dollar rose very strongly during that time. But gold gold traders were most likely paying attention to the dovish remarks by Fed policymakers about lowering interest rates....
Technically gold is in a sideways range and is testing liquidity above 2660. The bears are likely to give a not so warm welcome....

Resistance levels: 2663, 2670, 2685
Support levels: 2650, 2637, 2623

Strong movement from the bottom of the range reaches its upper boundary. Technically, the price has no potential to break through the strong range resistance. A false breakout is possible, the purpose of which may be to capture liquidity, followed by a decline. The situation may be broken by unexpected geopolitical or economic news, but at the moment there is no such news

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

Regards R. Linda!

2024年10月15日

交易結束：目標達成

Target 1 reached! +230 pips