GOLD → Another false breakout on resistance retest

18 Eyl 2023

XAUUSD is weakening after a resistance retest that ends in a false resistance breakout. Yesterday, in Sunday's XAU idea, I talked about prioritizing a further drop as the dollar is poised to rise further and gold forms a false break of trend resistance

Price is back under a strong descending resistance line. Consolidation below this line will form a strong bearish potential.
The DXY forms a retest of 105.00, a fairly strong resistance that holds the price for a long time. This week there are many key news that will affect the market pricing and the $ value, which will give us a medium term outlook for both forex and gold. At the moment I expect a further decline in the price. The first important target is 1916.7, then 1903.8. The second option is important if the fundamental background does not change its direction.

Resistance levels: 1928, 1926
Support levels: 1916, 1903
The market is testing the resistance for a breakout, but it is not ready yet, as the fundamental background for gold is still on the side of the bears

XAUUSD GOLD GC1! MGC1! DXY

Regards R. Linda!