GOLD → The price may continue to rise, but only after...

XAUUSD continues to consolidate inside the 1984-1964 range. The correction and consolidation will end when one or another range boundary is broken, but my opinion is that resistance may be broken ;)

On the senior timeframe, we can see that the price is bumping into a strong resistance. If we abstract from all the fundamental horrors and analyze only technical analysis, then in this case the price from resistance could head towards the global range support - approximate area 1920-1900. But, since we have a geopolitical crisis related to the wars in the Middle East and Eastern Europe, it is likely that gold, when retesting one of the important supports, and I have indicated them on the main chart, could again head upwards, testing the range resistance for a breakout.

At the moment, gold has an increased interest, as everyone considers it a safe asset in unstable times and money from the whole market is smoothly flowing into the metal.
On H1 I pointed out the local correction and important support levels: 1964, 1953. The price may test them by a false breakout before further growth

Resistance levels: 1977.5, 1984, channel resistance
Support levels: 1964, 1953

I expect the continuation of consolidation with the subsequent retest of resistance, breakout of the line and growth to 2000

XAUUSD GC1! MGC1! XAGUSD SI1! US500 DXY

Regards R. Linda!

Commento:

Gold is testing support. Everything is strictly according to the script.

After the test of support a retest of resistance is formed. The level is broken.
The next scenario - break of 1984, consolidation above the level and growth to 2000 and 2025