GOLD → Support Breakthrough. Still consolidating

2023年11月1日

XAUUSD is breaking the price channel support. But actual, the price is still inside consolidation. The market calms down a bit after the strong excitement and goes into a state of waiting for news from the USA



Metal price temporarily detached from DXY on the background of strong interest, capital inflow related to the crisis. Now the market is stopping and forming correction, as the trend cannot continue permanently, the market should rest, gain volume and liquidity.

On the background of news, the price can go even lower, but again, if it will be positive news for the dollar. In this case, the correction of gold may continue to the area of 1975, which hides the volume of liquidity, as well as the target may be 1964 and even 1952. (These areas are interesting for big buyers).

I continue to wait for the continuation of growth, but before that the market may go down a bit (to remove from the market the unnecessary passengers, to collect liquidity and then continue the growth). The risk point that holds the market back from a more protracted decline is 1964.4-1953.6.

Support levels: 1978,68, 1974.7, 1964.4
Resistance levels: MA200, 1984.4, MA50

I assume that the price will continue consolidation for some time. Movement will be carried out from level to level. Against the background of the news we should expect a surge in volume and achievement of the local target

DXY MGC1! GC1! US500 XAGUSD SI1!

Regards R. Linda!