GOLD → Test of strong resistance. A pullback may follow

17 nov 2023

XAUUSD resumes strong rally again, the reason for this is the weakening of the dollar index based on the fundamental background. Target for gold 1993-1996, what happens next?



On the high timeframe we can see that the gold price is recovering strongly and overcoming one of the important levels of 1984. The area of 2009 may serve as a medium-term target for such a maneuver. The rise in gold is linked to the weakening of the DXY , which is forming one of the strongest declines in recent times.



It is also worth paying attention to the area of interest 1993-1996. This is most likely the nearest target in the short term. A correction to the support area may follow from this zone before further growth and renewal of highs. Moving averages support the strong trend, and the golden cross continues the phase of realization of the accumulated potential

Support levels: 1986, 1984
Resistance levels: 1993, 1996

Gold is attracting investments on the background of increased interest. The volumes are increasing and the growth will continue in the medium term. At the moment we are interested in the area of 1993 and 1996, the retest of this zone will show further mood, but in the long term I expect a correction before further growth to 2000-2010

Regards R. Linda!