Short

GOLD → News takes price out of uptrend and consolidation

Updated

is leaving the range. It happened. Tuesday's news defines the medium-term outlook for the market and, amid selling pressure, the price reaches targets below 2000.

Today we have no news, the fundamental background remains the same - negative for gold. The chart above clearly shows that the price is coming out of the consolidation phase and the uptrend. The strong support area is broken, and the closing of the daily candle on Tuesday defines the local boundary at 1990, if it is broken, the decline will continue.
Actual targets at the moment are 1980 - 1976. A strong enough liquidity zone that beckons this wave of momentum.
After the inflation report, the dollar continues to rise, and the markets are now betting that the Fed will not cut rates before June, which is a negative leverage for the forex, including the XAU.

Resistance levels: 1993, 1997, 2000, 2004
Support levels: 1990, 1980, 1976

1990 plays a key role. There may be a correction or multiple retests before the breakout. But a pre-breakout consolidation or consolidation below 1990 may start further sell-offs towards 1980

Regards R. Linda!

Note

Gold is not strengthening above the 1996 consolidation resistance.
The market pressure is present and the price is testing the support of 1990 again. There is a high probability of a breakthrough of 1990 with a subsequent fall to 1980

RLinda

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