GOLD → The Bears continue to dominate. Ahead of CRS, RS

15 באוג׳ 2023

XAUUSD continues to update the lows. The price bounces from the local liquidity area of 1903 and forms a correction, making another attempt to retest the trend resistance

The upper boundary of the descending channel does not let the price yet, most likely targets below the most important. Reports released today are:
1) Core Retail Sales (no data, the previous ones were bearish)
2) Retail Sales (expected to strengthen)
After retesting the support, it is likely that the price may head up to retest the trend resistance, there is a possibility that the price may break the line and start to form a flat (consolidation) before moving further to one side or the other. A global bearish trend dominates the market. I still expect a retest of 1900 as a priority (a false breakout is possible)
Moving averages act as resistance

Support levels: 1905, 1903, 1900
Resistance levels: 1908.3, 1912.7
In priority, I expect the price to fall from the channel resistance to 1900 with the subsequent rebound and the formation of a flat on the background of the bear market.

Regards R. Linda!