GOLD → Support breakdown. The beginning of correction...
XAUUSD is entering the correction phase. The price is coming out of the consolidation downwards, and what we have been preparing for for the last few days has happened. Bears are trying to keep the defense below 2623....
Posted on October 8: The pressure from above is building. New lows...
Traders are waiting for the Fed meeting minutes to gauge the magnitude of the next interest rate cut, especially after Friday's strong US NFP data removed bets on a 0.5% rate cut. The FOMC meeting is likely to show a discussion on the outlook for the labor market and inflation, as well as further action on interest rates. Traders are still not turning their eyes away from the tense situation in the middle east, but one must realize that reacting to any action is a temporary action in the market...
Technically, on D1 we can see the beginning of the correction phase. Break of the strong level and fixing of the price below 2623. The market has defined a temporary outlook for itself.....
Resistance levels: 2623, 2627, 2631
Support levels: 2613, 2600, 2585
News can have an additional impact on the market, but it all depends on the context. At the moment I consider the price decline. The bears are holding 2623 and we can see how the price has consolidated below this area, which may provoke further selling....
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XAUUSD ;)Regards R. Linda!
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