GOLD → What can the resistance retest lead to?

16 giu 2023

XAUUSD makes a predictable false breakout. After a liquidity grab and a surge in volume, the price makes a return to the range and rallies to resistance. What could happen in the 1965 area?

A weak dollar could be an advantage for gold and allow it to overcome strong resistance
A false breakout is forming. The bulls hold the price above the 1939 level. After the liquidity absorption, a rally is formed, which could continue if the price breaks through triangle resistance.
A consolidation above the line would be a signal. But again, the said resistance line is a strong zone and could quite easily push the price down to 1939. We need to watch the price reaction to the resistance



MA50 is support and MA200 is resistance
Support levels: 1939, 1952
Resistance levels: 1965, triangle resistance
I expect gold may try to break the resistances. From this attempt one of two scenarios can develop - growth after breakout or false breakout and fall to 1939.

Regards to R. Linda!