Xauusd:Upward trend
Updated
The market closed last week. Gold was in 2002. As I predicted, gold is in a strong upward trend.
This week, pay attention to Powell's speech and heavy US data.As U.S. monetary policy receives renewed attention, the gold market will be sensitive to U.S. gross domestic product (GDP) and inflation data.Although the U.S. economy is expected to achieve extraordinary growth in the third quarter, there are growing concerns about a slowdown in economic activity in the fourth quarter.At the same time, the slowdown in growth is expected to continue to slow inflation.The U.S. Bureau of Economic Analysis will release its second estimate of the annualized GDP growth rate for the third quarter on Wednesday (November 29).
As can be seen from the chart, gold has been supported and rose in 2008 many times today, and it is still in an upward trend.
However, on the 4H chart, the gold price has been overbought by the RSI indicator after the surge, and it can be seen on the 1H and even the 5M chart, which is a standard multi-level resonance.
From the law point of view, the probability of future market adjustment in this situation is very high.
Need to observe the strength of today's intraday support point 2006-2008
So today we need to observe the trend of the US market. If it rises again, the resistance range is: 2027-2035
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