GOLD → Prerequisites that the price will continue to fall
XAUUSD finally breaks the medium-term support line and updates the low to 1885. The trading week closes near the local support level, which indicates that the market is ready to continue the trend
This week ended positively for the dollar, the metallo reacted as expected.
There are several important news items to watch out for in the coming week:
- 1) Building Permits
- 2) SP Global US Services PMI
- 3) Core Durable Goods Orders
- 4) Initial Jobless Claims
- 5) Fed Chair Powell Speaks
There is talk within the FED that the market is not ready to weaken yet as inflation is still at a high level, but again, rumours and facts affect the market in categorically different ways
From a technical analysis point of view the market is preparing to decline further as the global upward price channel was broken earlier, price breaks strong support and also breaks MA200, at the end of last trading session price closes very close to the risk zone, breaking through which will form a downward momentum.
Support levels: 1885
Resistance levels: 1902.9
The market is weak, the dollar index continues to strengthen actively, which may continue to negatively affect gold.
Regards R. Linda!
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