GOLD → Resistance Retest. Possible rebound before growth

27 jul 2023

XAUUSD amid FOMC speech realizes accumulated flag potential and strengthens, aiming for flat resistance, where it is at the moment

Published today:

• 12:30 GMT Core Durable Goods Orders (downgrade)
  
• 12:30 GMT GDP (QoQ) (improving)
  
• 12:30 GMT Initial Jobless Claims (?)
  
• 14:00 GMT Pending Home Sales (improving)
  

Overall there may be positive news for the USD, but it depends more on GDP & IJC. The reports of these releases will show the current situation on inflation.
Gold may decline with positive reports in the US market, but since the metal is in an uptrend and in a bullish set-up phase, I think that after retesting the flat resistance, the price may test one of the nearest supports before rising further. The SMA is again forming a cross.

Support levels: 1972.2, 1959.8
Resistance levels: 1983.7
I expect a storm in the market when the news is released. Report data may show a medium-term outlook. Gold chart so far gives hints of medium-term growth.

Regards R. Linda!