GOLD → Correction for the purpose of elimination. Target 2400? for FX:XAUUSD by RLinda

GOLD → Correction for the purpose of elimination. Target 2400?

is forming a correction from the opening despite the bullish closing of the session on Friday. Fundamental background is calm, technical reaction to the false break of 2387.

GOLD → Pre-breakdown structure, but NFP is ahead. ↑ or ↓ ?

Friday's move was formed on relatively positive economic news for gold - higher unemployment in the U.S. reinforces the dollar sell-off as the chance of a possible U.S. interest rate cut rose slightly. This week traders' focus is on CPI and PPI, which will be released on Thursday and Friday.
Technically, there is a buyer's presence in the market. MM, as consolidation and elimination of the buyer forms a correction to the liquidity zone 2364-2355. Possible consolidation or false breakdown before the subsequent growth.

Resistance levels: 2387, 2411
Support levels: 2364, 2355

Today, at 14:00 Powell speaks, it is worth paying attention to his speech. High volatility is possible. In general, the fundamental background is favorable, technically, the bull market is forming a correction to support. Emphasis on the bulls.

Regards R. Linda!

Trade active

Note

False breakout of the key zone I pointed out earlier (2355).
A local impulse of 100 pips is being formed

RLinda

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