GOLD → The price is coming down again. New targets?
Updated
XAUUSD does not reach the resistance zone. Another strong seller appears on the market. The market pressure is formed and the price of XAU forms a set-up that predicts further decline to the range support. Today at 13:30 the US GDP will be published. Analysts expect GDP to decrease by 1.6%. But based on the general data there is a possibility that the data may be slightly higher than expected, if this happens, it is a positive scenario for the dollar, which will negatively affect the price of gold.
Technically, on H1 there is a strong density of resistance and the price breaks the support of the local ascending channel, which plunges the market into a negative phase. Before the news a correction to resistance may follow before further decline. At the moment the target may be the area of 2015 - 2008.
Resistance levels: 2031, 2034
Support levels: 2025.8, 2015, 2008
Gold is trading inside the range, the liquidity area on the resistance side has been tested, but the sellers are very aggressive on the background of the growing dollar. The gold price is heading towards the support and there is a high enough chance to see a retest of the lower levels.
DXY GOLD GC1! MGC1! Regards R. Linda!
Note
Volatility decreases
Range narrows
In the nearest future (in the medium term) a breakthrough of the figure may be formed
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