📈 Consolidation above 4150 amid a bullish market
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GOLD breaks through 4170 and renews its high to 4193 during the Asian trading session. But further on, the market may consolidate before a possible continuation of growth...
The probability of a Fed rate cut in December remains at 82%. Geopolitical risks (Russia-Ukraine) continue to support demand for safe-haven assets. Weekly growth continues, but consolidation above $4170-4190 is required for the movement to continue.
However, low liquidity is expected on Thursday/Friday due to the holidays in the US. There may not be any strong movement, but volatility could be high during the European/American session...
Focus on the current trading range of 4150-4193...
Resistance levels: 4170, 4193, 4211
Support levels: 4150, 4145, 4139
The market is bullish both globally and locally. Accordingly, within the current trading range, gold may form a long squeeze relative to support and the liquidity zone at 4150. If the fundamental background does not change over the weekend, growth may continue next week...