Short

GOLD → Support retests continue. Weak fundamental background

Updated

on the background of news on Thursday is declining, but does not reach the local minimum. On the background of the pullback the price also does not reach the local maximum. The range boundaries are narrowing.

The fundamental background for gold still remains and is relatively negative at the moment. On the chart above we can observe a difficult situation in XAU. Volatility is very low, the price has been standing still for two days, as evidenced by the D1 candlesticks of Wednesday and Thursday.

Technically, we can observe a global uptrend, but at the moment we should pay attention to the symmetrical triangle. The price continues to test the trend support. Each new retest of the support forms a weaker and weaker reaction, the price continues to squeeze against the support. Technically, we can assume that the market is preparing to break the lower trend boundary, which can form a volume surge and a strong momentum towards the lower levels, such as 2000. Fundamentally, although we have high interest in the metal, but locally, the fundamental background is weak, as evidenced by this week's news.

Support levels: 2029.7, 2020, 2015 2004
Resistance levels: 2039 - 2942

It is logical to expect a decline based on the current data, from the opening of the US session, the market may test resistance before falling

Regards R. Linda!

Note

FUNDAMENTALLY:

There is no news today that would play an important role for the dollar index or for gold.
Consequently, the fundamental backdrop remains from the last trading session.
And amid more positive Initial Jobless Claims for the dollar and Friday's NFP, gold is trading under selling pressure. Another short-squeeze is possible

Note

Retest 2029.
Gold price starts to decline amid a weak market

RLinda

🌹TRADING is a CASINO💔!?

NO‼️

You❗️CAN and ❗️SHOULD make money in trading!

Join me, I'll guide you to PROFITABLE TRADING💵!

🟢Free Telegram Channel:
t.me/RLindaTrade

🔴Contact:
t.me/RLindaSignals

🧿Web: rlinda.com

Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.