GOLD → Global Highs Update. What's next?

XAUUSD , on the back of the residual potential from last week, is forming a rally from the opening session and testing a new global high of 2150, after which we saw the strongest sell-off.

Yesterday we looked at what could happen in gold. But no one expected an update of the highs to 2150. In any case a conglomeration of factors is important for us:

1. Retest of global range resistance (W1, M1) Area 2069-2070.
   
2. Huge sell-off after the retest of 2150. The market sold off all the upside.
   
3. Distribution since early November.
   
4. No potential, no energy and no volume. Update high was on no volume, on the back of hyped up price (pure market manipulation)
   

Most likely, after the market calms down after this burst of activity, price will start testing the 2070-2069 area. I still stick to my scenario - false breakdown and further correction.

Key level: 2069.8 - 2070.
Support levels: 2059.65, 2049,6, 2035.3

It is important to wait for the market to calm down. A calm market may show a clearer picture for further prospects. We are waiting for a correction.

Regards R. Linda!

Kommentera:

Strongest sales.

I was talking about the severe imbalance in the market, which still remains. The price has not yet reached the key liquidity zones.
The decline will continue in the medium term.

and here's something else. We've been waiting for this false breakout and a drop to the 2000 side.

This was said by me on Sunday:
""Expectation from the open:
The market may test 2069-2070 resistance on Monday and try to form a local bullish momentum and make a new high, but a false breakout may follow in the mid term. Consolidation or retest of 2069-2070 level from below may confirm the market's intention, which will start the final decline of the asset towards the mentioned zones.""