Though also firmer Gold was not quite the big winner against the dollar with XAUUSD still stuck in its range play from last week. For now market is waiting for the next big catalyst for a test of the new historic highs though the more we see inflation metrics easing globally and geopolitical tensions getting managed the more we risk for a bearish break of the daily consolidation.
Resistance
- 2383.65 – Intraday Consolidation Resistance
- 2364.31 – Daily Consolidation High
- 2354.70 – Intraday Consolidation Resistance
Support
- 2334.21 – 50D Moving Average
- 2321.84 – Daily Consolidation Floor
- 2306.20 – Intraday Consolidation Floor
Looking for the current range play to continue absent any fresh external catalyst. Stochastic wise we are overbought intraday with the 4H charts coming off overbought levels while well resisted. As such bias is to look for shorts on a bearish engulfing in the hourly scale or on long wicks coming off 2354.70. A break of 2364.31 may be seen as a buy just try to figure out whats driving the market at that point in order to hold for a test of the historic highs.
