Ideas For XAUUSD / GOLD
GOLD →Resistance Retest 1981. What to expect in the coming week?
Gold closes the previous week at -1.65% at 1977.895. The price confirms the lower boundary of the sideways range and forms a rebound. What to expect from the price in the coming week?
Price makes a false break of the 1954.645 range support and the market on Friday buys back some of the fall, forming a rebound to the strong 1981.56 resistance.
Price made a false breakout of resistance, but closed the session very close to that level, which may indicate that the market is ready to strengthen if several key conditions from both the technical and fundamental sides are met.
The daily MA-50 acts as resistance and may be tested soon. MA-200 acts as a strong support.
The price behavior in the range is formed by the movement from the upper boundary to the lower boundary and back. The fundamentals in the coming week may be relatively bullish, so my priority will be to expect a breakout of 1981.56 resistance and price strength towards 2000, 2010, 2025 and possibly 2048.
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