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GOLD → Distribution continues. Is the target of 2150 relevant?

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → Distribution continues. Is the target of 2150 relevant?


GOLD strengthens to 2120 and forms a new local consolidation within the distribution after coming out of a prolonged consolidation. Should we wait for further growth?
The price has entered an empty range of 2085 - 2150, within which there is no resistance, which suggests that the price can reach ATH - 2145-2150 quite easily and quickly. Consolidation, from which the price recently came out, lasted for 3 months, which allowed the market to accumulate a huge potential. The realization of such potential may take 20-40% of the duration of this consolidation. But, it is not about the distribution, but about the whole upward movement. Gold continues to form a global bullish trend.

Consolidation is forming on H4. Breakout and consolidation of the price above 2020 will form the potential for further growth to the maximum.

Resistance levels: 2120, 2145, 2150

Support levels: 2110, 2100

I expect growth to continue within the realized distribution phase, as the market has not yet reached its target. Local corrections, traps are possible, but the target may be reached in the near future
The PMI index is released today. The dollar is being squeezed into a narrow range due to the fact that the inflation situation has been deteriorating lately, and the consequences are developing from here.

Analysts generally expect negative data for the US dollar, which from a technical point of view may favorably influence the breakout of support at 103.69 and further decline in the price of the dollar.

Based on the overall data conglomeration I also expect the data to be neutral-negative. On the forex market and gold it can be reflected in the format of an upward impulse.

But we should not forget about the unpredictability of the news.

Higher than expected data will be bullish for the dollar

Lower than expected data will be seen as negative for the dollar.