Ideas For XAUUSD / GOLD
GOLD → High readiness for correction
GOLD is consolidating above 2175, but at the same time a descending triangle is forming. Theoretically, price should break support, which will form a false break of 2175
On D1, volumes are declining, price is stopping after a strong rally.
On H1, support 2175-2175 is formed and price has been squeezing towards support for a few hours, which increases the chances of a support breakout. But! If buyers do hold this area, the price may test the local high or 2200 before further declines. The dollar index is forming a correction from support, which is giving a corresponding reaction in the gold market as well.
A descending triangle is forming on H1. A break of the support at 2175 will give an impulse to the lower levels.
Resistance levels: 2185, 2195, 2200
Support levels: 2175, 2161, 2144
I expect correction after the false breakdown of 2175. Consolidation of the price below the level will give confirmation that the market is ready to correct
GOLD is consolidating above 2175, but at the same time a descending triangle is forming. Theoretically, price should break support, which will form a false break of 2175
On D1, volumes are declining, price is stopping after a strong rally.
On H1, support 2175-2175 is formed and price has been squeezing towards support for a few hours, which increases the chances of a support breakout. But! If buyers do hold this area, the price may test the local high or 2200 before further declines. The dollar index is forming a correction from support, which is giving a corresponding reaction in the gold market as well.
A descending triangle is forming on H1. A break of the support at 2175 will give an impulse to the lower levels.
Resistance levels: 2185, 2195, 2200
Support levels: 2175, 2161, 2144
I expect correction after the false breakdown of 2175. Consolidation of the price below the level will give confirmation that the market is ready to correct
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