XAUUSD is consolidating amid a pullback in the dollar and in anticipation of stronger key data as a driver for movement. Focus on the current trading rangeOn Friday, before the close of the session, the market formed a short squeeze, a strange volatility without news. It is important to monitor the Asian and European sessions and price behavior within the current trading range.
Earlier, we saw the dollar rise along with gold, indicating the strength of the metal and interest from the bulls. Let's assume that this situation has not yet run its course. In that case, after Friday's short squeeze, I expect MM to test liquidity in the 3985-3964 zone before a possible attempt to grow. Support from the upward channel may also affect the price. I still consider 4030 to be an important resistance level. If the bulls manage to break this barrier and keep the price above this level, gold will be able to end its correction and move into a growth phase. Otherwise, the market will tend to break out of the current consolidation downwards...
Resistance levels: 4020, 4030 - 4050
Support levels: 3985, 3963, 3931
Technically, while the price is within the trading range, it is worth considering trading relative to its boundaries. The fundamental background during the weekend is difficult to assess, so we will need to watch the situation during the European session...
Best regards, R. Linda!
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