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GOLD → How might consolidation end? Up or down?

2024-07-15 11:46 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → How might consolidation end? Up or down?

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GOLD is in the consolidation stage. The morning session was extremely quiet amid the absence of Japan in trading, as well as after Saturday's news. Traders are waiting for Powell's speech at 16:30 GMT

snapshot

The market was expecting that Trump's assassination attempt in Pennsylvania could have a strong impact on gold as a hedge asset, but the market did not react much, except for cryptocurrencies.

The dollar still looks bearish, if Powell does not change his stance from last week, the dollar index could break support and go down, for gold this would be a favorable scenario.

Since the price is in a range, we can consider 2 scenarios at this point:

1) If the bulls keep the price above 2407, they may break the local resistance and test the upper boundary of the range with a breakout target

2) Against the backdrop of the dollar pullback, gold may come down to the liquidity zone before a subsequent move up.

Support levels: 2407, 2401, 2392

Resistance levels: 2413, 2417, 2424

Fundamentally and technically the background is favorable, gold is quite capable of testing the ATH or even renewing it, but it is worth paying attention to Powell's speech....

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