#XAUUSD: #Gold Holding Within a Narrow Consolidation and Looking for Direction Signal (17 July 2023)
Gold price remains within a narrow consolidation for the third day, despite signals of pullback after the action was repeatedly rejected at pivotal Fibo barrier at $1964 (38.2% retracement of $2080/$1892).
Near-term action continues to hold above 100DMA ($1954) which so far offsets the risk of stalling and subsequent weakness.
Conflicting fundamentals (demand concerns over tame economic data from China against growing expectations of Fed ending its tightening cycle soon) and technicals (strong bullish momentum vs overbought stochastic / price weighed by falling and thickening daily cloud) lack clear direction signal at the moment.
Near-term action is expected to remain slightly biased higher while holding above 100DMA, though with persisting downside risk while capped by $1964 Fibo barrier.
Expected initial direction signals on break of either pivot, though with requirement for signal confirmation on further move in a fresh direction.
Res: 1964; 1975; 1986; 2000.
Sup: 1950; 1936; 1927; 1912.
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