🏅GOLD - Price is in a sideways range. A rebound from support

May 9, 2023

Gold is testing resistance at 2030, but it is forming a false break, which might activate the correction phase.

TA on the high timeframe:
1) The global trend continues, the price is not going to test the critical zones where the crowd will panic (like the 1975 area) yet
2) Price, globally, continues to update highs
3) SMA50, SMA100, SMA200 support the trend

TA on the low timeframe:
1) Price enters the 2048-2019 range and quite successfully pushes back from support strengthening to 2030.
2) The 2030 area is a strong resistance and I think the price needs a second (third) attempt to overcome this area
3) Most likely the price will form a technical pullback from resistance 2039 to 2025 (2020) and then continue its growth within the range and within the open potential - target 2048

Key support: 2025, 2019
Key resistance: 2030, 2048

May 10, 2023

Note

The 2019 level is working perfectly.
Since the price returned to the range, the market has defined the next target for itself as 2048.

Target achieved.

The CPI news had a bullish effect on the market.

I expect that a technical pullback can go either to 2030 or even to 2020, but after a false breakdown of one of the levels, the price can go back to 2048 and then to 2067