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Gold Spot / U.S. Dollar
Short

GOLD → Retest of resistance before possible decline to 2290

By RLinda
Updated
XAUUSD is forming the range of 2325 - 2290. In general, the market is bearish and the local bullish distribution that happened since the opening of the session may lead to a false breakdown and further decline

snapshot

Today at 15:00 GMT Fed Monetary Policy Report. I think it is worth paying attention to the Fed comments.
As for Gold. All attention to the resistance area of 2315-2325. Most likely we should wait for a false breakdown, at the moment there is no potential to go up against a strong bear market. Against the background of the growth of the dollar index gold traders can strengthen the sales of gold. Consolidation of the price (after the false breakdown) below 2325 or below 2315 may lead the market down to 2300-2290.

Resistance levels: 2325, 2340
Support levels: 2315, 2305, 2291

Friday may end with the price testing the resistance and returning to the boundaries of the sideways range, i.e. to the flat state.

Regards R. Linda!
Trade active
Range resistance retest
If the price closes between 2325-2340, then in the future we will have to work only from these boundaries, because, relative to 2325 there can be a false breakdown and a strong fall, but if 2340 is broken, then gold can move into the phase of the bull market
Trade active
During the week traders recoup part of the fall and the market closes in the plus relative to the opening on Monday
Chart PatternsDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisTrend Line BreakXAUUSDZigzag
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