R.Linda Trading - forecast

GOLD → Retest of liquidity area before further growth

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → Retest of liquidity area before further growth


GOLD corrects after testing $2222. News on Thursday shook the market after Powell's dovish statement on Wednesday, which spurred a false breakdown and a 2.5% fall
Yesterday the market met a bullish wave of news for the US market: Initial Jobless Claims down, PMI up, overall this is a locally positive scenario, but today at 13:30 Powell speaks, who can probably remind some of the things he said on Wednesday.

Technically, gold is forming a retest of the 2166 support, which prepares us for a continuation of the decline that could happen before the news to test the strong liquidity area. But, Powell's speech may refresh traders' memory again. In this case, the market may resume the growth phase again, as the general fundamental background for gold is favorable for further growth.

Resistance levels: 2172, 2183

Support levels: 2166, 2152, 2144

Now on H1-H4 a range is forming and price is heading towards support - a classic trading strategy inside a range is to trade from its boundaries. Pay attention to today's speech of the Fed Head. His words can both cheer you up and shock you ;)