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R.Linda Trading - forecast

GOLD ( XAUUSD) - Consolidation within a bullish trend. News ahead...

2024-08-22 10:46 GOLD Forecast

👑 Ideas For #XAUUSD / #GOLD

📈 Consolidation within a bullish trend. News ahead...

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GOLD is forming a consolidation in the triangle format. Traders are in a stupor and are not ready to act prematurely before the news, but buyers are still quite aggressive

Fundamentally, today's focus is on initial jobless claims, we have seen a decline in unemployment lately, which generally indicates an improvement in the environment, analysts expect the same “warm” figures. But, the main focus for Friday is Powell's speech, where further policy, inflation and regulator's actions will be discussed. Most likely, the current course of the markets may be strengthened.

Technically, the emerging above sma traygolnik on H1 is a “continuation pattern”, higher probability of resistance breakout. But, the news may affect the market more drastically, before further recovery (manipulation).

Resistance levels: 2510, 2519, 2531

Support levels: 2498, 2488

Emphasis on resistance breakout, bulls are serious enough. But on the background of news MM can form liquidation (longsqueeze) before further growth

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