GOLD → XAU bumps into a strong resistance area

٢٨ أغسطس ٢٠٢٣

XAUUSD continues to form counter-trend correction within the upward price channel. On the global timeframe the resistance area 1920-1935 plays an important role, the price is testing it

Globally, the market has a bearish trend, an upward correction is forming on the 1H while the DXY continues its strengthening. The forex market, where the dollar is in a sign, as with XAUUSD has already broken the support area, most likely this can be taken as a premise.
DXY continues to strengthen after consolidation and forms momentum towards 105.5 area, which could bearishly affect XAU pricing.
Gold bounces off trend support and heads towards 1920 resistance but falls short. The liquidity area has a big impact and prevents the price from approaching a local high. The price is at a strong resistance, a fall and a possible retest is likely to follow



Resistance levels: 1920, 1922.5
Support levels: 1912
The market has been strengthening since the opening of the session, but still can't update the local maximum. If the bulls do not let the price above 1919.45, it will be the beginning of further decline.

Regards R. Linda!