GOLD there is a possibility of a downward adjustment this week
XAUUSD ANALYSIS
- Dollar down, gold up
- Gold retests prior 2024 all-time high
DOLLAR DOWN, GOLD UP
Gold is influenced by a slightly weaker dollar at the start of the shortened trading week. Last week, gold prices showed an unusual evening star pattern, which can indicate a bearish trend reversal. The dollar is possibly stabilizing after a volatile end to the week. The main event risk this week is the release of inflation data on Friday. Limited catalysts are expected until then. Friday is a bank holiday in the UK and US, which could lead to a volatile USD movement if there is unexpected data amid lower liquidity.
XAUUSD RETESTS PRIOR 2024 ALL-TIME HIGH
Gold prices attempted to close above $2195, the all-time high printed earlier this year before the latest milestone around $2222. This appears as a test for bullish momentum with a failure to close above suggesting that bullish momentum may require another catalyst to advance the bullish move.
$2146 appears as the relevant level of support if bears are to regain control this week. To reiterate, Friday may cause elevated volatility should we see a surprise in the data – due to lower liquidity.
Pay attention to the Breakout zone 2166 - 2180
Resistance: 2180 - 2186 - 2195
Support: 2166 - 2157 - 2150 - 2145
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.