GOLD → Downtrend and fundamental background
XAUUSD continues to forge a downward price channel as the dollar index strengthens on a positive fundamental backdrop. In general, this is a negative scenario for gold, but the bulls continue to keep the price from a strong fall as much as possible. Pic: Consolidation of price below 2025 under pressure from downward resistance
Today Core PCE PI is published, a slight change for the worse is expected (by analysts and traders), but I don't think it will make a global difference against the backdrop of GDP and yesterday's news. BUT, only if the actual data is not released with a big difference to the expected data.
Technically, gold is testing the strong 2020-2050 zones on the back of the downtrend within H1-H4. Earlier we saw the price moving out of the range, at the moment the price is testing this area. Before a possible further decline, the price of gold may test the trend resistance, which in the mid-term may continue on the background of a rising DXY.
Resistance levels: 2020, 2025, 2030, 2035
Support levels: 2010, 204, 2000
Since gold is trading with a negative fundamental background (at the moment there are no fundamental or technical preconditions for growth or change of trend) and within a downtrend, at the moment the market has chances to test local lows up to 2004 (1985)
DXY GOLD GC1! MGC1! Regards R. Linda!
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