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GOLD → Retests of global support. Where can it lead to?

2024-01-22 09:34 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Retests of global support. Where can it lead to?

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GOLD opens lower on Monday and is testing 2025 for a breakout. Technically, gold is weaker than the dollar as regulators continue to support the index

snapshot

Gold is in a key consolidation range: 2052 - 2018. Anything can happen in relation to the boundaries, as the market is trying to gather the necessary amount of liquidity by any means. But, if you look closely, you can see that the price is forming a retest of the ascending support line. The chances of the support being broken continue to rise

• The trigger zone is below 2018. A break of this support and the formation of consolidation below this level could finally turn the market around and direct the accumulated potential towards a bearish distribution 📉

• But! Since gold is currently in a range, we have a resistance level, a break of which could give the market an opportunity for growth📈 : this is the 2025-2030 area.

Resistance levels: 2025, 2030, 2035

Support levels: 2018.5, 2016, 2004

Technically, a bearish trend is forming, on d1 price continues to test support for a breakout on the back of a strengthening dollar. I think such preconditions may hint at a possible fall

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