R.Linda Trading - forecast

GOLD → High readiness for correction

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → High readiness for correction


GOLD is consolidating above 2175, but at the same time a descending triangle is forming. Theoretically, price should break support, which will form a false break of 2175
On D1, volumes are declining, price is stopping after a strong rally.

On H1, support 2175-2175 is formed and price has been squeezing towards support for a few hours, which increases the chances of a support breakout. But! If buyers do hold this area, the price may test the local high or 2200 before further declines. The dollar index is forming a correction from support, which is giving a corresponding reaction in the gold market as well.

A descending triangle is forming on H1. A break of the support at 2175 will give an impulse to the lower levels.

Resistance levels: 2185, 2195, 2200

Support levels: 2175, 2161, 2144

I expect correction after the false breakdown of 2175. Consolidation of the price below the level will give confirmation that the market is ready to correct