GOLD → The pressure from above is building. New lows...

8 oct

XAUUSD stops testing local highs. Strong growth has stopped and the price is being squeezed between the boundaries of the narrowing consolidation. The exit of the price from the figure will be accompanied by an impulse...

Last week changed the general fundamental background, gold traders are getting nervous and moving into a phase of profit taking on the back of strong economic data. Ahead is the FOMC meeting where further steps to regulate the US economy will be discussed.
Technically, gold stops trying to update or test the highs, feeling pressure from above, but at the same time the price is probing the base from below, gradually updating the local lows. A gradually narrowing consolidation is forming on the chart and if there is a price exit from the figure, it will be accompanied by a strong impulse.

Resistance levels: 2650, 2659
Support levels: 2632, 2623, 2613

I continue to hold that bears will continue to press the price, which will provoke the price exit downwards with further retest of 2623-2613-2600. But we need to keep an eye on the regulators' comments and the dollar's behavior...

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

Regards R. Linda!

8 oct

Operación cerrada: objetivo alcanzado