Get started
Gold Spot / U.S. Dollar
Short

GOLD → Correction phase, expect a fall, but news...

By RLinda
Updated
XAUUSD is declining by 1.3% on Wednesday, the reason may be the fundamental nuances of the Fed, which is still trying to keep the market under control, hinting at both lowering the interest rates and raising them, to which the market reacts by strengthening the dollar.

snapshot

Today at 13:15 - 14:45 important news is published, which reflects both the situation with inflation and the position of the FED and FOMC. Fundamentally, analysts expect bullish data, which could technically strengthen the DXY , which in turn will weaken gold. Still, it is worth waiting for actual data that can provide insight into the medium-term outlook.
On the chart we see the formation of a technical correction on the background of a bullish trend. The price is testing the resistance of 2050, it is possible that before the news the price may go higher and test 2058, 2065 before falling further. But, if the actual fundamental data is worse than expected, it could strengthen gold towards the current channel resistance.

Support levels: 2042, 2037, 2033, 2030
Resistance levels: 2049.3, 2050, 2058, 2065

The news will give us insight into the medium-term outlook. Bullish news for the dollar will weaken gold and the price will continue the local downtrend. Bearish news for the dollar will strengthen gold and may reestablish the bullish trend

Regards R. Linda!
Note
Gold from the specified level - 2050 forms a decline of 110 points, after which a small correction is formed

The fundamental background for gold is more negative, as today's news supports the dollar and in all likelihood the price of the index may strengthen.

This is a bearish scenario for gold
Note
snapshot
Chart PatternsDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisTrend Line BreakXAUUSDZigzag
RLinda
🌹TRADING is a CASINO💔!?

NO‼️

You❗️CAN and ❗️SHOULD make money in trading!

Join me, I'll guide you to PROFITABLE TRADING💵!

🟢Free Telegram Channel:
t.me/RLindaTrade

🔴Contact:
t.me/RLindaSignals

🧿Web: rlinda.com
Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.