GOLD → Traders don't know what to do. Struggle for 2417

22 May 2024

XAUUSD is stopping and forming a consolidation between 2400-2450, but at the moment the consolidation resembles a descending triangle. What's going on?



The price breaks the local ascending support line in the correction phase, which makes traders panic (some start selling, others start actively buying). But the candlestick setup suggests that the buyer is still in the game. The market maker may shake down to liquidate traders. A retest of 2407-2400-2397 (ascending support line) is possible before further growth. The trend is bullish (locally and globally), while the market is waiting for the FOMC speech, which will be held today at 18:00GMT

Resistance levels: 2417, 2426
Support levels: 2406, 2400

FOMC comments may warm up the crowd. Gold traders are in neutral stance for now and forming a range due to lack of understanding of the local environment. Consolidation above 2417 will renew the bullish potential.

Regards R. Linda!

22 May 2024

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The market is testing the 2410 zone

22 May 2024

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The price goes into the risk zone.

22 May 2024

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