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GOLD → Re-test 2085. The distribution is not yet finalized

2024-03-04 10:15 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Re-test 2085. The distribution is not yet finalized

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GOLD is testing the maximum. After a long consiliadzi, a distribution phase is formed, which leads to a false breakdown of the intermediate resistance level. What should we wait for next, decline or growth?

snapshot

The distribution phase is clearly demonstrated on the background of volume growth. The price is testing the intermediate level of 2084.5 and forms a false breakdown. The value of the level is big enough, but not enough to turn the market. The 2084 area continues to hold the price, but based on the data on the H1 chart we can assume that gold will test this resistance with the aim of breaking through it, as the distribution phase is not over yet. If the compression to the upper boundary of the consolidation on H1 continues, namely to Friday's high, a breakout and further growth to the next intermediate targets may happen with a high probability.

Support levels: 2079,5, 2069.9, 2065

Resistance levels: 2088.4, 2100

The growth is not over, as the realization of the accumulated potential inside the consolidation is not exhausted yet. There is a possibility of correction, but at the break of 2079.5. But still, I stick to the break of resistance and further growth

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