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GOLD → Consolidation continues. Support retest before growth

2024-05-08 10:12 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Consolidation continues. Support retest before growth

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GOLD continues to consolidate, the market is uncertain, there are reasons for both long and short positions, but everything will be determined only by the exit of the price from the specified range.

snapshot

The current situation is as follows: the price earlier broke the resistance of the wedge, which in general can be perceived as a hint of the end of the correction. But, a rebound from the strong resistance of 2328 is being formed. The price continues to trade within the consolidation and at the moment the whole emphasis is on the support retest. Whether it will be a breakout or a false breakout will only show the market reaction, but against the background of the general trend and potential there is a high probability to see a rebound and growth to 2328.

Resistance levels: 2328

Support levels: 2300

The situation is stalemate and it is impossible to determine the movement in advance, it is worth watching the market reaction to certain key zones. Since the price is still inside the range, it is worth considering trading inside it

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