GOLD → Bullish flat (consolidation). News ahead

24 oct

XAUUSD corrects to 2713, confirming strong support. We talked to you about the risks yesterday. Bulls have been actively buying the metal since the start of the Asian session, hinting at strong support...



Further gains in gold remain dependent on the upcoming PMI and jobless claims data. Traders are awaiting information on the state of the global economy, which will influence the short- to medium-term strategy against the dollar and gold...
Market nervousness ahead of key reports in the US and the presidential election will also play a role. Any potential decline in the gold price is likely to be contained for several reasons: the BRICS summit, the US elections, the ongoing Middle East conflict. In this case, gold acts as a safe haven.

Resistance levels: 2748, 2758, 2775
Support levels: 2729, 2713

ATH may be tested in the near future. Further news and high volatility, high risks may provoke profit-taking, which may bring gold back to support. And after correction the growth may resume due to strong enough interest from buyers....

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

Regards R. Linda!

24 oct

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