GOLD → FB of flag support. Consolidation near resistance

6 באוג׳ 2023

XAUUSD continues to form a descending price range after the breakout of the bullish trend. A "flag" pattern is forming within the new channel, a false breakout was made on Friday



There is not much important news in the coming week, but it is worth paying attention to Thursday and Friday, the reports may provide insight for the medium-term outlook.
Bottom right chart - a flag is forming against the background of the upward momentum. On Friday, the price makes a false breakout of the support of the figure and in the first half of the new week there may be a strengthening of the price and growth to the resistance area.
Within the global descending channel price is forming consolidation near resistance, most likely there may be a direct retest of the descending resistance in the area of 1858-1863, there may be an attempt to breakout.
BUT again, if sellers are strong, and if you look at the chart, the bearish scenario is developing at the moment, a fall from the channel resistance, a retest of 1935 and a further fall to 1902 may follow.

The price is in a range, it is worth paying attention to such levels as: MA50, trend resistance, support 1935.5

Regards R. Linda!