GOLD → The trend formation continues. Support retest

١٣ سبتمبر ٢٠٢٣

XAUUSD failed to break the resistance of the local descending channel on H1 as the price is trapped inside the global bearish trend on D1. The DXY correction is failing to yield much as gold is also weakening

On yesterday's decline the market is forming a local support level at 1908.4. From the opening of the new session we see a retest of this area without any strong counter-trend pullback. It is clear that the bears are strong at the moment, as evidenced by the futures volumes.
The market is in a downtrend, earlier there was a retest of 1916.7, the next target may be the support area (liquidity area) 1903, but from this area, as 1903 is a strong enough support area, a rebound may follow and form a flat or consolidation before a further maneuver. Within the flat, the price may reach resistance.

Support levels: 1908. 1903
Resistance levels: 1916, trend line
I expect a retest of 1908 with a subsequent breakout and testing of 1903. From 1903 a rebound to local resistance is possible before further fall.

Regards R. Linda!