GOLD → Consolidation before rising to 2500...

Jul 18

XAUUSD after breaking through trend resistance is forming a consolidation, just like the dollar. Sellers start selling on indicators and MM may set a trap before further growth.



Technically and fundamentally gold has a favorable environment. The price is in the buying zone and in the ATH zone. There is a lot of support (obstacles) from below, and there is emptiness from above and nothing prevents to go up. There is consolidation on H1 and all technical conditions are favorable for the continuation of growth.
BUT!
There is an interesting pattern forming on H1-M30, which can give a small correction as a trap for sellers before further growth. Now a lot of selling is forming on indicators (overbought, rsi, macd and so on), accordingly, MM may show a reversal.
The whole emphasis is on 2461, If the price fixes below, the gold may be driven to the liquidity zone: 2450, 2440, 2430 before further growth.



Resistance levels: 2475, 2484
Support levels: 2461, 2450

If the price consolidates below 2461, a retest of the support is possible before further growth. If a rebound is formed, consolidation above 2467-2475, we should wait for a retest of resistance with a breakout attempt.

Rate, share your opinion and questions, let's discuss what's going on with ★ GOLD ;)


Regards R. Linda!

Jul 18

Trade active

The bulls won't let the price go below 2458.

Jul 18

Trade active