GOLD → A counter-trend correction is forming. Panic zone

16 ott 2023

XAUUSD has been forming a correction since the opening of the session and has reached the area of 1910. The price enters the panic zone relative to 1914. What should we expect from gold next?

The correction on the background of a strong surge of energy and distributive movement should have happened. The market should pull back and gather potential before further upside. The price is testing the 1914.15 area for a breakout. The price is trading in the panic zone, where there are a lot of buyers' bids and sellers' bids are formed. A false break of the level will give us an impulse to 1928.8 and then to 1946. But, if the market consolidates below 1914.15, the correction may continue towards 1905 and 1900, but before further growth. The upward movement in the medium term may continue, for this price will have to overcome 1914, 1928 and 1946, At the moment we are waiting for the price to find support before further growth.

Support levels: 1905, 1900, 1895, SMA
Resistance levels: 1914, 1928, 1946

In the future I expect the continuation of growth, but only after the end of counter-trend correction

MGC1! GC1! XAGUSD SI1! US500 DXY

Regards R. Linda!