GOLD → The calm before the storm. 2400 or 2200?

XAUUSD reduces volatility and shrinks into a narrow range before the news. US GDP did not play any role and traders are waiting for the general fundamental background. Locally, the downtrend.

The trend is downtrending, but on yesterday's news the price is trying to break the channel resistance, forming a consolidation of the price above the line. But if the price returns to the channel, due to the formed consolidation, the market may see a strong momentum towards 2280.
Ahead of the news, traders are waiting for PCE. But, the market believes that the index will remain at the same level and this generally complicates the situation because if in fact the situation changes it may trigger a violent reaction

Resistance levels: 2354, 2374
Support levels: 2328, 2306

Globally bullish trend, but there is no strong buyer yet. Everyone is waiting for the news. Locally the trend is bearish, to confirm the change of the trend to a local bullish one, the price should overcome the area of 2354 - 2364 and consolidate above, in this case - the way to 2400. But, a break of 2328 will make the market panic

Regards R. Linda!

ความคิดเห็น:

Excellent realization. Fundamental factors do not particularly affect the overall situation on gold. The correction continues and the price updates the low to 2320. Gold closes not very well, which in general may mean that it is ready to continue the fall

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Last week closed negatively and with losses for gold, which generally determines the medium-term outlook for us until the fundamental background changes