GOLD → False break of range support led to a rebound

Aug 6

XAUUSD reaches the liquidity zone of 2370, forming a false breakdown, confirms the presence of a strong range boundary. The market may move into a sideways trend.



Fundamentally, the situation is still complicated.
The U.S. regulators are trying to change the market's mind on the recession issue, trying to keep the market calm. The question of aggressive actions of regulators is still open.
At the moment everyone is watching the actions in the Middle East, as the activity on the background of the war already unleashed can again affect the price of gold.
Markets continue to estimate almost 90% probability of a 50 basis points cut in US interest rates in September. Let me remind you that it is not the fact of reduction that matters, but the hints and comments of regulators.
At this time, gold is forming a global range of 2480 - 2370.

Resistance levels: 2420
Support levels: 2400

Technically, gold may go into a consolidation phase, but in the future it is worth watching the resistance at 2420. As a pre-breakout consolidation or a quick retest may lead to a breakout attempt and growth

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

Regards R. Linda!