The gold market appears to have experienced a period of decline, as I wrote in my last weekly market outlook, reaching the 1980 level before rebounding to the 2000 key level and closing above. This indicates that
XAUUSD
is trying to establish support at the 2000 level. We can see that it rejected the level and bounced off on Friday. Going forward, the market is likely to bounce from this point and return to a consolidation phase, especially if the DXY weakens. It is worth noting that gold tested the demand zone, took liquidity below 1990, then moved upward.
XAUUSD
is trying to establish support at the 2000 level. We can see that it rejected the level and bounced off on Friday. Going forward, the market is likely to bounce from this point and return to a consolidation phase, especially if the DXY weakens. It is worth noting that gold tested the demand zone, took liquidity below 1990, then moved upward.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.