GOLD → A temporary respite after a high jump

19 ביולי 2023

XAUUSD continues to form a bullish trend, indicating strong interest in the market. The strong rally is moving into a narrow consolidation, which may hint at certain implications

Yesterday we saw a breakout of the local consolidation and a gorgeous 200 pips momentum.
The price is testing the resistance at 1981.7 and forming a 110 pips wide fljt. Gold may test the support and start strengthening again or form a consolidation near 1981.8.
At the moment, since there is a strong trend, we should consider either a rebound from 1970 or a breakout of 1981. The growth may continue and the price may test 1993 soon.
The moving averages indicate a strong bullish trend. The daily timeframe is forming a candlestick that gives a prerequisite for a breakout of 1981 in the near future.

Support levels: 1975, 1970
Resistance levels: 1981.8
I expect consolidation with the subsequent breakout of 1981.7. In the long term I expect growth to 1993 and 2000.

Regards R. Linda!