GOLD → Pre-breakdown consolidation near resistance

٣١ أغسطس ٢٠٢٣

XAUUSD makes another jump and updates the high of almost 4 weeks ago. All this is happening after breaking the resistance of the ascending channel.

Locally, a symmetrical triangle is formed, which can form an impulse both up and down, the main idea here is that consolidation is formed, which indicates that the market is preparing for further action.
Within the bullish impulse the price tests the previously mentioned resistance level 1947 and forms a pre-breakdown consolidation. This level is not a target level and most likely the growth may continue. There is also a possibility that a small correction may be formed before further growth. Moving averages indicate a strong bullish trend.



Support levels: 1943, 1942
Resistance levels: 1947
I expect another retest of resistance with a chance of a breakout and further growth towards 1950-1955.

Regards R. Linda!