GOLD → The price is standing still. What's going on?

10 ביולי 2023

XAUUSD continues to stand still and form a consolidation within the 1938 - 1912 sideways range. The rebound to resistance is likely to continue in the format of a bounce to support.

On the daily and weekly chart there is a consolidation in the red zone, after the breakdown of the key support levels. Most likely an energy buildup is forming before the rally in one direction or the other.
In order for the counter-trend correction to be recognized as a trend change, the price has to break the resistance 1935-1939. In this case the market will start to form a strengthening of the price and a bullish trend will start to form.
At the moment within the counter-trend correction you should wait for the decline from the resistance 1933, or the retest to 1920 (1912) with further breakout and decline to the global minimum.

Support levels: 1920, 1212
Resistance levels: 1933, 1935, 1939
I expect a local rise followed by a fall - since that is how the price behaves inside the range. The Fed is still aggressive policy and most likely, the market has decided to rest a bit before the further movement.

Regards R.Linda!