GOLD → The mood is shifting. Resistance is broken...

21 juniXAUUSD breaks through downside range resistance and consolidates in bullish territory, opening up potential at 2365-2387.



Signs that the US labor and housing markets are cooling keep hopes for a September Fed rate cut alive, with an ECB rate cut helping to keep the gold price afloat. Another important nuance that makes investors wary: A meeting between the Russian President and the North Korean leader earlier this week, which confirms the tensions in geopolitics.
For now, all eyes are on the S&P Global Manufacturing and Services in the U.S. and the Fed Monetary Policy Report, which may shed more light on the economic outlook
There is still pressure on the market, but the price movement is detached from the dollar (correlation is decreasing), which indicates that the mood towards the metal is changing.

Resistance levels: 2365, 2387
Support levels: 2354, 2340



Technically, traders may try to break the resistance of 2365, if it succeeds, and the probability is high enough, we can go to 2387, then we need to watch the price reaction to the area. In case of false breakdown there is a probability to return to the support.
It is also worth taking into account the broken resistance that was not tested earlier

Regards R. Linda!

21 juni

Kommentera

Interesting situation.)
Unfortunately here is the mistake I fell for.

The liquidation, which I mentioned earlier, is being formed.

Idea from June 20:


But, not from the area of 2340-2350, which I was talking about, but higher - the market-maker was interested in the area of 2365 (liquidity block from the previous consolidation).

Strong growth up to 2365 and stopping. Formation of consolidation and confirmation of limit boundary (resistance is not broken). Next, a major player lets the market go and the price falls, eliminating all buyers.

Actual situation:


In this case, the decline may extend to the lower boundary of the consolidation range