GOLD → Market fades before the news

4 באוק׳ 2023

XAUUSD is forming a consolidation in the liquidity area range. In this case, there can be a lot of traps before moving to one side or the other, as this is one of the essence of consolidation

The fundamental backdrop for gold is still negative, as the DXY continues to strengthen and seeks further upper targets, which will have a negative impact on gold. There are a number of important news releases today that are worth paying attention to. I don't think they will change the main fundamentals much, but there will be a storm in the market. Before the main fall, which may continue on the background of the dollar strengthening, the gold market, or rather the market maker may raise the price to 1830-1846 before the further fall. A huge pool of liquidity has formed near these zones, and since the price cannot fall or rise only, we may see a correction in the near future. My mood on gold is bearish, as well as the mood of the market, which by the way is indicated by the moving averages.

Support levels: 1816.9, 1815.3, 1812
Resistance levels: 1828, 1830, 1833

Since there is news ahead, the market is going into consolidation. Lower volatility before the storm. Trade carefully on the news, or better not to trade at all and wait until the market calms down

XAUUSD MGC1! GC1! XAGUSD SI1! DXY

Regards R. Linda!