GOLD →The market doesn't feel supported. Further ↘︎

28 set 2023

XAUUSD is in a strong distributive phase, the price is not even stopped by the 1885 level (liquids area). The price is updating the low amid negative fundamentals, as evidenced by strong weakness from buyers



On Wednesday, the market forms a paranormal candle, the closing of which suggests the continuation of the fall, the local level of 1875 and 1872.58 is formed. If this zone is overcome and the price consolidates below this area, a bearish potential will be formed. But before the further fall, the market-maker may make a rebound to increase the liquidity. In the correction phase the price may reach such zones as: 1880, 1885 !!, 1890. But, it is worth paying attention to the D1 chart, the price is breaking the support of the symmetrical triangle, now the market has entered the phase of realization of the accumulated potential. On the background of bullish news for the DXY , the XAU price entry into the empty range can only accelerate its fall to 1800. This level is the nearest significant one. At the moment it is difficult to talk about buying, the medium-term market is ready to fall. We continue to follow the price

Support levels: 1875, 1872,5
Resistance levels: 1880, 1885, 1890
Market is red, DXY is being pushed up on the back of unstable inflation. Gold is not feeling strong support levels, suggesting weak buying power

XAUUSD GC1! MGC1! XAGUSD SI1! DXY

Regards R. Linda!