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GOLD ( XAUUSD ) - Consolidation within a bullish trend (Sunday's gold review!)

2024-08-25 09:46 GOLD Forecast

👑 Ideas For #XAUUSD / #GOLD

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

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GOLD is coming out of accumulation, which is another bullish signal. On Friday, on the background of Powell's comments, the DOLLAR continued to fall, as the market had previously waited for a positive background from the head of the Fed. This has a favorable effect on the metal price.

Fundamentally, the focus for the coming week is on US GDP and Core PCE. Also, special attention to the Middle East, where the already heated situation is still increasing interest in such hedge asset as GOLD.

Technically, on D1 the price buys out all of Thursday's decline (profit-taking) and closes above the previous day's opening, which is generally positive. On H4, the price tests the key resistance at 2520 and closes close to the level.

On H1, accumulation is forming. If Monday's opening is not unexpected, the price may continue to push the market and go to 2520 with the aim of breaking through and further growth.

Resistance levels: 2520, 2530

Support levels: 2500, 2493

Possible correction to the pattern boundary (at 0.5 fibo) before further growth and retest of 2520. But if from Monday's opening the price goes straight to 2520, it will be a good signal that the market is strong and ready to go to ATH.

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