0306 GOLD will retest highest of last week first??

Hello traders,

GOLD is making a new question for us, how far it can drop down before it make a new history in 2024?

Last week with PCE released on Friday, gold could not make a reversal swing up to break the highest position of last week. It turned down again to drop $45 from NY session on Friday.

So on weekly chart, GOLD has made a second bearish candlestick beneath EMA, check the right chart. This is what we can learn from weekly chart, bearish still on GOLD trend for now.

Will this week make the bearish trend finished? Considering two central bank, Canada and Euro Central bank, are expected to cut down rate this week. Will this make Liquidity pressure on the Fed? If so, on weekly chart, gold could make a sideways like green arrow before a new high again!

But for now, on 4h chart, gold is still bearish beneath 4H EMAS, this could make 2280 possible first.

GOOD LUCK!
LESS IS MORE~

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Sideways price action in a downtrend channel.
Price could speed down to test new low to follow the weekly bearish trend.

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After Bank of Canada cutting rate, gold looks bearish again.