🥇 GOLD - Price will continue to fall from resistance
Gold will continue its decline. There are a number of reasons for this:
The market closes Friday below the support level. But, a counter-trend spike is formed, which may trigger a small correction to the previously broken 2009 level. The outlook for the market is bearish.
The market may show interesting dynamics for the first two days, after which the price is expected to stop in consolidation before Powell's speech on December 13. On the background of NFP the Governor will not change his stance on policy and most likely the information will be at the same level. Gold may test the 1984 - 1950 area by the end of the week.
- Fundamentally, gold is weakening (Strong dollar from NFP)
- Break of 2009.6 support
- The correction wave continues its second part
- False break of 2067
- Target support area 1933
The market closes Friday below the support level. But, a counter-trend spike is formed, which may trigger a small correction to the previously broken 2009 level. The outlook for the market is bearish.
The market may show interesting dynamics for the first two days, after which the price is expected to stop in consolidation before Powell's speech on December 13. On the background of NFP the Governor will not change his stance on policy and most likely the information will be at the same level. Gold may test the 1984 - 1950 area by the end of the week.
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