GOLD → The mood has shifted to bearish. A correction?
Updated
XAUUSD is forming a bearish wave, within which it is declining from 2400 to 2350. The price is testing strong support amid the changing sentiment. Within a bullish trend, after testing the high of 2450, the market catches up with a correction wave based on fundamentals. The market is caught by a wave of sell-offs, which can be continued after a pullback and retest of local areas of liquidity. From 2354 we expect a rebound to the above-mentioned areas and further we should follow the price reaction to the liquidity areas.
Initial Jobless Claims and Purchasing Managers' Index are ahead. Traders are neutral towards the dollar, but amid the general policy, the dollar index may get support, which may have a peculiar effect on the gold, until the market finds new reasons to rise.
Resistance levels: 2374, 2383, 2397
Support levels: 2354, 2336, 2306
Technically and fundamentally the market is still bullish, but a correction is forming within the uptrend, which may take a little longer.
Regards R. Linda!
Trade active
Price is trying to go through 2354. Fundamental background is negative
Today the news positive for the dollar came out
Trade active
The price is testing the support of the range, the closing of the session may be in the lows of the day and thus a prerequisite for the continuation of the fallTrade active
A false break of the support 2335 is formed. Upward correction may follow
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