GOLD → Setting and background foreshadowing the decline

17 Mar 2024

XAUUSD is updating the global maximum. The distribution stops. The market goes into correction state. But, what is also interesting, a setup is forming on the chart, foreshadowing a support breakout.



Let's briefly discuss the current situation in gold, without a long rant. The upcoming week is full of news. FED & FOMC meetings and Powell's speech are the ones to pay attention to, as inflation, interest rate and other nuances that determine the medium-term outlook may be discussed.
Technically, gold is entering a correction phase. If we take a closer look at H1, we can see a descending triangle pattern. The character of the pattern is "support breakout, reversal and decline". This pattern can be interpreted as the presence of a strong seller or the absence of a buyer.

Resistance levels: 2160, 2166, 2173
Support levels: 2155, 2147, 2100

The market is waiting for a correction, which is evidenced by the fundamental background, technical analysis and candlestick patterns. There is a high probability that the support may be broken with the subsequent correction towards the mentioned liquidity areas

DXY GOLD1! GC1! GOLD

Regards R. Linda!

17 Mar 2024

İşlem aktif

The key area that is still holding the price from falling is 2149 (or 2144) - 2155.

If the price passes through this area and consolidates below, the activation phase of the local trend change will begin

18 Mar 2024

İşlem aktif

Retest of key support level