📈 GOLD → The market is waiting for news. Falling or rising?
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#XAUUSD is breaking through resistances. Yesterday the US GDP was released, which showed weaker data than the market expected and this is favorable for the gold price. In part we were prepared for it.
The DXY is breaking the pattern and retesting key support. High odds are high that the decline and weakening of the index will continue. (rlinda . com) Hence, it is bullish for gold to overcome the pattern and range resistance. Gold in a bullish move breaks through the limit barrier and consolidates above the mentioned line.
Ahead of us today is the news at 13:30 GMT. I don't think they will change anything after the US GDP. Analysts expect the publication of about the same data as last period (with a slight correction). Volatility may increase in the market, be careful during trading.
Gold enters a new range of 2050 - 2070, the intermediate target is 2062.
Support levels: 2050, 2048
Resistance levels: 2062, 2075
I expect the continuation of growth even after the news, as yesterday's news defined the medium-term potential for the market. (rlinda . com) Targets are indicated on the chart. A pullback from 2062 to support before further growth is possible.