GOLD → Consolidation before distribution. $2,400 or $2,300?
Updated
XAUUSD after a false breakdown of the support of the range is forming a correction, but within the upward consolidation channel. The fundamental background is still negative. There is no strong news in the next two days, so the fundamental background remains the same. There is no strong buyer on the market yet and thus, gold may continue its downward movement if it breaks through the support area: the rising line or the approximate area of 2340. A break of the local uptrending support line will move the market into the realization phase, which will be a continuation of the decline. The structure may be broken if the price rises and consolidates above 2354. In this case, the price may head towards 2374.
Resistance levels: 2354, 2358, 2370
Support levels: 2340, 2335, 2325
I expect that with high probability the decline may continue. But in the phase of waiting for strong news (Thursday and Friday), the market may gather liquidity.
Regards R. Linda!
Trade active
Price is testing the local liquidity zone
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