GOLD → Can the growth continue? Rich news week

29 באוק׳ 2023

XAUUSD continues to strengthen actively. The strong bullish trend is still related to the inflow of money supply in connection with the preservation of capital at the expense of safe gold in times of crises, which we see against the backdrop of the situation in the Middle East.



Below I want to demonstrate the prerequisites that the trend will continue in the near future. The market does not show strong corrections. Each subsequent impulse ends with a strong consolidation, within which the price tests support, after which a breakout of resistance is formed and the scenario repeats again. Now, with the breakout of the previously mentioned resistance and a test of the high at 2009.56, the situation may repeat again. 1


Example and description of trap formation during consolidation


The consequence of the accumulated potential is a break of resistance and the formation of an impulse

In Friday's gold idea, I talked about the formation of traps during consolidation. As we can see, after an interested market member accumulated the necessary potential after a strong trend, it continued its upward movement again.
When a strong bullish trend is formed, big players can accumulate traps only in the correction, consolidation phase, and the false breakdowns shown in the screenshot below are one way to accumulate the needed potential faster.



The upcoming week will be news rich. I don't think there will be any focal news this week that can change the trend in gold, but it would be a mistake to ignore it. Again, there is no strong correlation with the dollar right now as gold has a higher interest and strong fundamentals, which is a huge bullish lever, but a local correction or consolidation in the near term news could form

From a technical analysis perspective:
Gold closes Friday in its price highs, which suggests that the realization of the previously accumulated potential will continue, and the interest that is increasing day by day will only push the price up. I think that by the end of the year the price is able to test the area of 2075. But first we have 2010, 2015, 2025 and 2050 on the way. Monday may open with a gap, but after stabilization the upward movement will continue

DXY XAUUSD MGC1! GC1! US500

Regards R. Linda!

29 באוק׳ 2023

הערה

A rare figure in trading is a "bullhorse" :D
*that's a joke. Don't look for this pattern.


Most likely, either 2004 or 2002 may be followed by a retest on Monday. then growth will continue.

30 באוק׳ 2023

הערה

From the opening the market is going to test the support.
It is important to watch the price reaction to the levels
Growth may continue after a false breakout