GOLD → Is it time for a correction? Retest of 2650 support

30 sept

XAUUSD is cooling down. Earlier the price updated local highs. Now the metal is testing 2650 as a support level. At the moment, the price is entering the panic zone, which may provoke profit-taking before Powell's speech.



Technically the market is bullish, but after the formation of ATH 2685 the price is not ready to test and update these highs. The influence of the interest rate cut has cooled down and traders are starting to focus on the incoming actual data. But we should not forget about the situation in the Middle East. Chicago PMI and Powell's speech at 17:55 are ahead. Everything depends on his comments and the tone he will give to the markets.
Based on the overall technical situation and technical overheating of the syuatation, we can assume that the price may extend the range and test the support at 2634-2623-2613 before the market returns to recovery.

Resistance levels: 2660, 2675
Support levels: 2634, 2623

I am waiting for a correction with a possible retest of the key support zones. Most likely we should count on the confirmation of the range boundaries and the formation of a flat between 2600(2615) - 2685

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

Regards R. Linda!