GOLD → Testing ATH. High chance of a breakout 2954

13 mar

XAUUSD in the distribution phase of the previously formed consolidation. The price is testing ATH and the market has all chances for a breakout and further update of the high. We are close to 3K

Gold price continues to rise, approaching a record high of $2,956, amid fears of a global trade war. Lower US inflation has weakened the dollar and bond yields, boosting demand for gold. Markets now await PPI data, but escalating trade conflict remains key.
Technically, gold is testing global range resistance a month after last touching it. I don't like to trade primary breakouts in such a case and the ideal scenario would be to wait for a small consolidation near the level or a correction to 2945 - 2935 before the metal starts to tetse 2954.5 for a breakout

Resistance levels: 2954.5
Support levels: 2945, 2935, 2930

As a first move I expect a pullback after resistance test. A retest of 2954.5 (retest) will mean that buyers are ready to break the resistance and go higher.
BUT, we have important news today. Gold could break the level without a pullback. A close above 2954.5 will trigger a rally.

Regards R. Linda!

13 mar

Trade attivo

The resistance is broken. Price is testing the first target

14 mar

Trade chiuso: obiettivo raggiunto