GOLD → Negative fundamental background and support retest
Updated
XAUUSD , as we expected, is declining. False breakdown of 2031, retest of global resistance and negative fundamental background leads to the price losing 0.9% from the local high. There is little news today, the fundamental backdrop for gold persists, as does the outflow of GOLD-ETFs from the market, which is a generally negative scenario. The dollar continues to strengthen, as well as forming a candlestick pattern that confirms the general policy.
Technically, gold is testing 2015 and may form a rebound to 2020-2025, after which the market may wait for a retest of 2015-2016 with the aim of breaking the support and further decline to the mentioned targets. Both technically and fundamentally, the overall picture suggests further price decline.
Resistance levels: 2021.5, 2027
Support levels: 2015, 2010, 2000, 1995
The situation is generally bearish. The fundamental background and TA determine for us the medium-term potential, which is directed towards the realization of the movement to 2000-1990
DXY GOLD GC1! MGC1! Regards R. Linda!
Note
The situation is changing dramatically.
Yesterday's targets were achieved.
Today, both technically and fundamentally gold was ready to go down.
BUT!
The geopolitical situation is changing. Against the background of introduction of new packages of sanctions from the Western countries, Europe and Great Britain towards Russia, former CIS countries and Asian countries, gold as a safe instrument in times of crisis again becomes a haven for investors' money.
Technically, against this background, a false breakdown of 2020 is formed and the price strengthens to 2040
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