2024-03-20 09:01:29

GOLD → Correction + bearish set-up. What to expect from XAU?

Set-up on H4 shows us a strong resistance on the market. In general, this is due to the negative fundamental factor because of the economic news, which generally supports the dollar index. There is a pattern forming on the chart that could break the support formed in December 2023 (2145-2150) In this case a false breakout could occur. Statistically, the strongest moves occur after a false breakout. A breakout and consolidation below 2145-2150 may initiate a strong decline to the liquidity areas indicated on the chart.

Resistance levels: 2156, SMA
Support levels: 2144, 2125, 2100, 2075

I expect a retest of 2145-2150 with a bounce. If the price quickly returns to this support, the chances of a breakout will then increase. Fundamentally and technically, the gold market is showing weakness, so we should expect a negative scenario at the moment

Trade active:
There are rumors that the ffrs may resume its hawkish outlook tomorrow, which could strengthen the dollar. Gold may react in a bearish way in such a case

（Source from: TV-RLinda）

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