GOLD → Bearish leverage continues to drive the market

12 set 2023

XAUUSD is retesting the resistance of the newly formed descending price channel. A rebound and a retest of the 7-day flat support is formed



In the near future, the price may test the flat support at 1916.7 and form a rebound. The rebound may be small, for example, to 1924 to retest the trend resistance. After that the price may continue its fall, breaking the marked support. Globally, the price is in a downtrend. A symmetrical triangle is clearly formed on the d1 chart and we have fundamental prerequisites that the price may break the support at 1902 and head far down.
The local situation is simpler. Since the local trend intraday can change several times, our task is to look for key levels to find a good opportunity to open trades

Support levels: 1916.7
Resistance levels: 1924
The medium-term outlook is bearish. Most likely, gold may update both local and global minimums on the background of strong strengthening of the dollar ( DXY ).

Regards R. Linda!