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GOLD → Beginning of correction, possible test of support

2023-11-22 09:47 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Beginning of correction, possible test of support

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#XAUUSD forms another micro rally on Tuesday. On Wednesday, the price tries to test the high but fails to reach the area amid a strengthening DXY ahead of the news.

snapshot

Several important news are published today, I am interested in Initial Jobless Claims- as one of the inflation indicators. Analysts expect a slight improvement in this indicator, which may strengthen the dollar in the short term. But as we remember, the last 3 times the data was worse than the previous one. If they are better than expected, gold will show a slight correction and vice versa.

From the last FOMC meeting: Fed members are not ready to cut the rate yet, but there is a high probability that they will not raise it again.

From a technical analysis point of view: Gold looks quite strong despite the indicators data, we are judging on a fundamental basis. High interest, weakening dollar and geopolitical basis suggest further price growth.

The 1984 level still plays an important role for the market. At the moment the price is in the range of 2004-1993-1984. Since today's retest failed to update the high, the price is forming a correction. The market is aiming to test the nearest support. We highlight several most important scenarios regarding the overall situation:

snapshot

The main sense of which is either consolidation or retest of resistance after a small correction. But in the long term, I expect a breakout of the local resistance and the direction of further growth towards the global targets.

Support levels: 0.236 fibo, 1993, 0.382 fibo, 1984

Resistance levels: 2000-2004

I am expecting a correction and news data that may determine the short to medium term outlook. I still see gold as an asset that can strengthen its price in the near term.

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#XAUUSD 👑

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