GOLD → Bears are holding 2332. Possible shake up...FX:XAUUSD rises on Tuesday and Wednesday amid unexpectedly weak news in the US market, but at the same time the dollar does not tend to fall. Today is a day off in the US and gold is creeping up towards resistance.
The price is resting in the strong resistance area of 2332, the limit resistance level formed by the sellers does not let the price go beyond it. Consequently, a shake up and subsequent false breakout may occur relative to the level, which may lead to a strong fall and liquidation, as there is no strong buyer in the gold market and the fundamental background is weak. The market is within the descending channel, but in the phase of consolidation, which sooner or later will move into the realization (distribution) phase. Before that a retest of the trend resistance is possible (capture of additional liquidity)
Resistance levels: 2332, 2340, 2356
Support levels: 2325, 2315, 2305
The overall situation is that we may see another bearish rally. There are no reasons to break the trend resistance at the moment. The most likely scenario is a false breakout under current circumstances.
Regards R. Linda!
GC1! (Gold Futures)
Crude Oil Thursday Rumble...As we are in Bullish territory on the HTF the Daily FVG bellow is where I am anticipating price to retrace too leading upto 0930est... Does it have to retrace there? No.
However I am Looking at Bullish bias towards the Daily V.i Marked in the chart for a Target and Forecast going forward...
Pretty simple.
We remain wary of today’s gains on gold and silverSilver rose over 2% in Thursday’s Asian session, eventually prompting gold to try and catch up. Yet gold’s ‘rally’ was lacklustre in comparison, and with silver pausing near a resistance cluster, we’d prefer to fade fold below $2350 for a move lower.
Silver has stalled around a high-volume node (HVN) and trend resistance. RSI (2) is overbought and prices have risen whilst volumes were lower. RSI (2) is also overbought for gold on this timeframe with lower volumes, and the monthly pivot point and weekly R1 pivot reside around 2350.
Bears could fade into gold below $2350 and target the weekly pivot around $2320. They could also seek shorts on silver around current levels with $30 as an initial target. At which point, bulls could then seek evidence of a swing low around the monthly pivot point or $30 for long swing trade.
GOLD will have unexpected fluctuationsOANDA:XAUUSD delivered immediately increased for the second consecutive trading day, gold price once reached 2,320 USD/ounce. Today (Wednesday), the market will receive the Federal Reserve's interest rate decision and US CPI data, which is expected to explode the market.
The latest big news comes from ceasefire negotiations in the Middle East. An Israeli official said Israel had received Hamas's response to the ceasefire proposal through relevant mediators, but believed that Hamas had revised "all the fundamental content" of the proposal and Change the content of this proposal.
The proposal outline was previously announced by US President Biden. Israel took this to mean that Hamas had rejected the ceasefire proposal. This news has helped gold attract some safe-haven buying activities, pushing gold prices higher in the context that the Dollar is still stronger.
U.S. CPI Data and Federal Reserve Decisions Coming Soon
US May CPI data will be released a few hours before the Fed's decision. If inflation stays stable, that could allow the dollar to start to gain traction first. Fed Chairman Jerome Powell will likely be asked about the data at a post-FOMC press conference.
On Wednesday, the United States will release the May Consumer Price Index (CPI) report.
US monthly CPI growth in May is expected to decline from 0.3% to 0.1%, but monthly core CPI growth is expected to remain steady at 0.3%.
Additionally, US annual CPI growth in May is expected to remain unchanged at 3.4%, while core CPI growth is expected to decline from 3.6% to 3.5%.
On Thursday, the FOMC will release its interest rate resolution and summary of economic expectations
On Thursday, Federal Reserve Chairman Jerome Powell will hold a press conference on monetary policy.
Given policymakers' stance of "higher interest rates for longer," the market is almost certain that the FOMC will not act at this week's meeting. So the focus will be on the post-meeting statement and the new interest rate forecast.
In March this year, the Fed's Interest Rate Dotplot showed that policymakers predicted that the policy rate would be cut by a total of 75 basis points in 2024. An upward revision is possible. That's because most policymakers say they are in no hurry to start reducing borrowing costs.
According to data from the Chicago Mercantile Exchange's "FedWatch" tool, the market expects the probability that the Federal Reserve will cut interest rates by 50 basis points this year is nearly 55%.
Today is a very important trading day because it is directional from big data such as CPI and FOMC events, first gold and dollar will be affected by CPI data and then FOMC.
If CPI data is better, this will boost the US Dollar but then if the FOMC shows the prospect of a rate cut then this will boost gold prices.
A rather complicated trading day with two major events in the geopolitical context showing signs of supporting gold prices.
Short comments will be sent to you as data and events are released, hopefully in time with your trading timing.
Analysis of technical prospects for OANDA:XAUUSD
Gold has recovered to above its original price of 2,300 USD, but it is temporarily limited as it has not yet reached the target level at the technical point of 2,324 USD, as noted by readers in yesterday's publication.
However, the overall technical chart still shows a bearish picture with all the conditions from the main trend highlighted by the price channel and the main resistance from the confluence area of the upper edge. price channel, 0.236% Fibonacci retracement level and EMA21.
In case gold falls below the original price of 2,300 USD, the recovery cycle has generally ended with the target price reduction then being around 2,286 - 2,272 USD.
As long as gold remains within the channel and below the EMA21, the technical outlook for gold prices remains bearish and notable levels are listed below.
Support: 2,305 – 2,300 – 2,286USD
Resistance: 2,324USD
🪙SELL XAUUSD | 2341 - 2339
⚰️SL: 2345
⬆️TP1: 2334
⬆️TP2: 2329
🪙BUY XAUUSD | 2267 - 2269
⚰️SL: 2263
⬆️TP1: 2274
⬆️TP2: 2279
GOLD → Support retest within the triangle before the news...FX:XAUUSD continues to be under strong pressure from sellers on the back of a strong dollar. The market failed to overcome the 2325 area and is heading for a support retest.
Ahead of the news (Core Retail Sales, Retail Sales), increased volatility is expected. Traders are expecting neutral-bullish data against the US market. If the figures are higher than expected, gold may head lower. The technical and fundamental background for gold is negative, there is no strong buyer in the market yet, the rising dollar does not allow traders to take premature steps.
The focus is on consolidation boundaries, a breakout of one or another boundary or level may trigger strong sell-offs (or buys).
Resistance levels: 2315, 2325, 2340
Support levels: 2305, 2295, 2287
The chart and fundamental background speaks for itself. The news may have a temporary bullish impact on the market, but I don't think it can turn the market around under the current circumstances. The overall bearish background for gold is likely to continue this time around.
Regards R. Linda!
Crude Turbo Tuesday'sYesterday we saw a nice bulish displacement and I would like price to stay above the 1hr FVG..
We can wick bellow on the 1hr but leading into CME open I would wait for bullish price to reach to the 80.00 level which is the Daily FVG..
Once we close inside the Daily FVG we can start looking at CE of it.
XAUUSD Channel Down leading to inevitable 1D MA100 test.Gold (XAUUSD) is failing to break above the 1D MA50 (blue trend-line) on successive tests and as long as it remains below it, the trend will be bearish. In fact the dominant pattern is a Channel Down and the last time we had such a formation was from December 28 2023 to February 14 2024.
It was on that day (Feb 14) that the price bottomed exactly on the 1D MA100 (green trend-line) and initiated the incredible rally of March - April. As you can see, the two Channel Down patterns share similar characteristics. Both sequences experienced identical phases and the current one appears to be finishing phase (C) and on the next top test of the Channel Down, start phase (D), which should be the final and the one to deliver the 1D MA100 test.
We expect that to be around 2260. Notice also how the 1D RSI sequences between the two fractals are also similar, in fact even more than the price action as the RSI filters out the more aggressive nature of the current price action.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
Daily Market Watch: GOLD is BEARISH!The bearish bias going into this week was correct.
The market printed a bearish candle for the day, on the way to completing an IRL to ERL
movement.
I'm holding the same bias for tomorrow, as we near the first SSL target at the most recent swing low.
BOOST and subscribe if you like the analysis.
Thank you.
May profits be upon you.
GOLD → Is the market bearish and preparing for what?FX:XAUUSD has been facing strong bears since the opening of the session. The price returns under 2325 and forms a consolidation. Earlier there was a retest of a strong resistance area. The market is still bearish
For the gold market the area of 2325 plays a key role at the moment. Bulls are not yet ready to overcome this area on the background of strong dollar and weak fundamental background for the metals market. A retest of 2325-2340 resistance is possible before further decline. As the market is still bearish and consolidation is forming, liquidation of buyers may follow in the nearest future. The prospective target is 2305-2290-2275.
There is no news today, fundamental and technical background is negative.
Resistance levels: 2325, 2340, 2356
Support levels: 2315, 2305, 2295
Technically, gold may test the local lows or even update the interim lows. There is still no strong buyer ready to fight against the whole market. The price is trading in a bearish range.
Regards R. Linda!
GOLD recovers, but technical conditions lean bearish OANDA:XAUUSD recovering to above the price of 2,300 USD as of the time this article was being completed. The previous trading day, gold prices reached their largest decline in 3 and a half years due to data released by China and the United States.
Gold prices fell about $83, or 3.5%, last Friday, the biggest one-day drop since November 2020, after a stronger-than-expected US jobs report dampened hopes for a interest rate cut in September, while news that China's central bank is delaying gold purchases caused the market to reduce bets on demand from China, one of the world's biggest gold buyers. .
Market focus has shifted to the US consumer inflation report, released on Wednesday, the same day as the Federal Reserve's policy decision.
The Fed is not expected to make any changes this week, focusing on comments from Fed Chairman Jerome Powell and changes to policymakers' economic forecasts.
On the daily chart, gold is trying to recover above the $2,300 base price and a daily close above this base price would be a positive signal. To confirm, gold should maintain price activity above $2,305, a technical level noted by readers in Sunday's weekly edition.
On the other hand, if gold moves below the original price level of 2,300 USD again, it will continue to be under technical pressure with the target level possibly aiming at the price point of 2,272 USD, the location of the 0.382% Fibonacci retracement.
Holding above $2,305 would strengthen the case for a recovery with a target then around $2,324, a position that was also brought to the attention of readers in the weekly publication.
During the day, the technical trend is still leaning more towards bearish possibilities, positions will be noticed again as follows.
Support: 2,300 – 2,286 – 2,272USD
Resistance: 2,314 – 2,324USD
🪙SELL XAUUSD | 2341 - 2339
⚰️SL: 2345
⬆️TP1: 2334
⬆️TP2: 2329
🪙BUY XAUUSD | 2267 - 2269
⚰️SL: 2263
⬆️TP1: 2274
⬆️TP2: 2279
GOLD → Open gestalt 2280 but the price goes up, what's next?FX:XAUUSD closed last week in the plus side despite the negative fundamental backdrop, but the focus is on the consolidation that the price is in. Previous patterns indicate that consolidation, amid a bear market, could be followed by buyers liquidation, but there is always a BUT!!!!
Relevant, gold is closing in a pat range of 2340-2325. . The market doesn't know where to move yet. So the big question is: where will the price go on Monday?
The general background is bearish, accordingly, the pressure from sellers continues. Technically:
If the 2340 resistance is broken, the price will head towards the descending channel resistance.
BUT, if the support is broken, the new trading week may start with a decline towards 2300.
From a fundamental point of view, gold has no support
China has temporarily reduced purchases.
But at the same time, a rather hot conflict in the Middle East and Eastern Europe may support the gold price. Against the backdrop of the rising dollar, gold traders may intensify the sell-off of the asset and strike another blow to the buyers who appeared in the range of 2290 - 2325.
There is not much news in the coming week, but the focus is on: CPI (eur), Core Retail Sales & retail Sales, Initial Jobless Claims, S&P PMI and Fed Monetary Policy. The data is expected to be relatively lukewarm for the dollar, but the situation changes daily.
Resistance levels: 2340, 2355
Support levels: 2325, 2305, 2290
Technically, the market maker has not yet reached the key liquidity below 2380, there are no strong and obvious preconditions for the medium term, it is worth paying attention to the daily price behavior.
Regards R. Linda!
GOLD MARKET ANALYSIS AND COMMENTARY [June 10 - June 14]On the daily chart, gold has lost almost all of its technical points to a bullish structure, instead with a weekly close below the $2,300 base point opening up expectations for more downside with a target level. Short-term target is aimed at the 0.382% Fibonacci retracement level.
The relative strength index (RSI) is pointing down but has not yet reached the oversold level, this shows that there is still room for price declines and the Fibonacci level of 0.382% may be suitable for a short-term upward correction when which RSI reached the oversold level.
In the near future, if gold recovers to above 2,300 USD, it will have the necessary conditions to recover more with the target levels when moving above 2,300 USD being 2,324 - 2,345 USD. Thus, the original price of 2,300 USD is also the closest resistance currently.
📌The trading plan for next week will first consider selling if the price returns to around 2342, buying around the support mark of 2195.
GOLD → Retest of resistance before possible decline to 2290FX:XAUUSD is forming the range of 2325 - 2290. In general, the market is bearish and the local bullish distribution that happened since the opening of the session may lead to a false breakdown and further decline
Today at 15:00 GMT Fed Monetary Policy Report. I think it is worth paying attention to the Fed comments.
As for Gold. All attention to the resistance area of 2315-2325. Most likely we should wait for a false breakdown, at the moment there is no potential to go up against a strong bear market. Against the background of the growth of the dollar index gold traders can strengthen the sales of gold. Consolidation of the price (after the false breakdown) below 2325 or below 2315 may lead the market down to 2300-2290.
Resistance levels: 2325, 2340
Support levels: 2315, 2305, 2291
Friday may end with the price testing the resistance and returning to the boundaries of the sideways range, i.e. to the flat state.
Regards R. Linda!
GOLD → Shakeout and false breakdown of 2325. PPI aheadFX:XAUUSD rises to 2340 on the back of yesterday's CPI and Powell's comments form a shakeup in the market and the price of the metal drops to 2308, forming a false breakdown of the key liquidity area of 2325.
Today the market is expecting PPI (MoM) and Initial Jobless Claims. Producer Price Index is expected to be lower than last period 0.1% instead of 0.4%, but it all depends on the actual data. Mind you, yesterday the market got a CPI of 3.3%, versus the expected 3.4%. But Powell did not say anything interesting in the change of views and still sticks to the hawkish side. Technically, gold is breaking local upside support and forming a consolidation below 2325. If the data is bullish for the dollar, gold could continue to fall towards 2290-2265.
Resistance levels: 2325, 2340
Support levels: 2305, 2291
Technically gold is showing weakness, but it reacts quite strongly to any small positive news. The whole emphasis on today's news, if the fundamental background remains negative, we will consider the targets below, if there are hints of a change in the background, we can consider price growth to 2340-2355.
Regards R. Linda!
XAUUSD. Weekly trading levels 10.06.2024 - 14.06.2024During the week you can trade from these price levels. Finding the entry point into a transaction and its support is up to you, depending on your trading style and the development of the situation. Zones show preferred price ranges WHERE to look for an entry point into a trade.
If you expect any medium-term price movements, then most likely they will start from one of the zones.
Levels are valid for a week, the date is in the title. Next week I will adjust the levels based on new data and publish a new post.
! Please note that brokers have a difference in quotes, take this into account when trading.
The history of level development can be seen in my previous posts. They cannot be edited or deleted. Everything is fair. :)
----------------------------------------------
I don’t play guess the direction (that’s why there are no directional arrows), but zones (levels) are used for trading. We wait for the zone to approach, watch the reaction, and enter the trade.
Levels are drawn based on volumes and data from the CME. They are used as areas of interest for trading. Traded as classic support/resistance levels. We see the reaction to the rebound, we trade the rebound. We see a breakout and continue to trade on a rollback to the level. The worst option is if we revolve around the zone in a flat.
Do not reverse the market at every level; if there is a trend movement, consider it as an opportunity to continue the movement. Until the price has drawn a reversal pattern.
Don't forget to like Rocket and Subscribe!!! Feedback is very important to me!
GOLD → CPI and FED. What to expect from the market? FX:XAUUSD is stopping after correction, traders are afraid to make premature decisions as news is ahead. A consolidation below 2315 is forming.
False break of support leads the price to retest 2310-2315, after which traders take a breather before the news.
All eyes remain on the upcoming big events, CPI and Fed. Key US CPI data will help shape the Fed's view on interest rates, which will significantly impact the value of the US dollar and gold prices in the near term. The market is expecting neutral (no change) data, which could generally keep the same fundamental backdrop. But, all eyes are on the actual data as the market is still confused by last Friday's higher NFP than expected.
Nevertheless, any initial reaction to the US CPI data may be temporary as gold traders will quickly switch to the FOMC & FED meeting.
Resistance levels: 2315, 2325, 2354
Support levels: 2305, 2291, 2267
Technically and fundamentally, gold is weak at the moment. On the background of high volatility, the price may try to break through 2325 and test the liquidity area of 2335-2345, then move to the decline phase, if the fundamental background is suitable for this. Risks of further decline are quite high, but the coming news can both strengthen this decline and break the market structure.
Regards R. Linda!
Gold: One Last ClimbWe expect the gold price to rise once again. We expect the high of the turquoise-colored wave B to occur in our same-colored Target Zone (between $2510 and $2631). After that, the price should sell off significantly. If, on the other hand, there is an early fall below the support at $2285 (45% likely), we will see the price already in the descent now.
Middle East heats up, GOLD recovers despite USD strengthDespite the strength of the US Dollar, spot gold OANDA:XAUUSD still increasing strongly and stably. Growing expectations of interest rate cuts by the Federal Reserve and falling US bond yields have provided bullish momentum for gold prices. In addition, tensions in the Middle East have stimulated gold prices to attract safe-haven buying.
Benchmark 10-year U.S. Treasury yields fell 3 basis points to 4.297%, the lowest since April, after the U.S. ADP jobs report was weaker than expected.
Data released Wednesday showed U.S. companies added fewer jobs than expected in May, consistent with a recent cooling trend in the labor market.
Data released Wednesday by the ADP Research Institute, a subsidiary of private employment agency ADP, and the Stanford Digital Economy Lab show the number of private sector jobs in the United States. rose 152,000 in May. The median forecast of economists surveyed was for a rise of 175,000.
Markets speculate that the slowing economy will create conditions for the Federal Reserve to cut interest rates this year. Traders in the federal funds futures market are betting that the Fed will cut interest rates by about 50 basis points by the end of the year.
Iran's latest threat: Israel must "pay with blood"!
Summary of content related to the situation in the Middle East: Hossein Salami, commander-in-chief of Iran's Islamic Revolutionary Guard Corps, threatened to retaliate against Israel on Wednesday (June 5). Earlier this week, Israel launched an attack in Aleppo, Syria, killing an Iranian adviser.
Analysis of technical prospects for OANDA:XAUUSD
On the daily chart, gold continues to recover from the technical level that served as support noted by readers in the previous issue at $2,324. However, the upward momentum is temporarily limited by EMA21, an important technical point that is currently acting as the nearest resistance.
For gold to have enough technical conditions for a wider price increase in the near future, it needs to surpass the EMA21 level and then the target level is noted at the original price point of 2,400 USD.
Currently, the trend of gold prices is mainly to increase with the above conditions for price increase.
During the day, the uptrend of gold prices will be noticed by the following technical levels.
Support: 2,358 – 2,344 – 2,340 – 2,324USD
Resistance: 2,375 – 2,400USD
🪙SELL XAUUSD | 2381 - 2379
⚰️SL: 2385
⬆️TP1: 2374
⬆️TP2: 2369
🪙BUY XAUUSD | 2338 - 2340
⚰️SL: 2334
⬆️TP1: 2345
⬆️TP2: 2350
GOLD → Price range. Test of resistance before the news FX:XAUUSD is testing trend resistance. The struggle continues, but on the background of strong dollar the price can test the minimum or even update it. The news is coming and the market may go flat.
GOLD is testing the strong resistance area 2304 as well as the pullback level 2314.7, forming a new key resistance within the correction. The technical and fundamental background for gold is negative, in the mid-term we should expect a fall, but tomorrow we are waiting for news such as: CPI, FOMC and FED meeting, where obviously the overall inflation situation and the US interest rate will be discussed.
If we pay attention to D1, we can see that the dollar continues to grow in an uptrend, at tomorrow's speeches, the regulators may continue to support the dollar, which may have a negative impact on gold, which by then may test the liquidity area 2304-2314-2325 before a further possible fall.
Support levels: 2300, 2291, 2267
Resistance levels: 2304, 2314, 2325
Today the market may trade within the range of 2291 - 2325, the prospective direction can be discussed tomorrow (before the news), but within the intra-day I would expect a retest of resistance and a possible decline to support.
Regards R. Linda!
GOLD → Causes of the fall. Can gold fall even lower? 2265?FX:XAUUSD is making a new low and there are a number of reasons for that. The price after Friday's sell-offs is returning in the bearish trend boundaries, which determines the medium-term prospects for us
On D1, price is still in a global sideways range and support (global liquidity zone) is still untested. So why did gold fall? The market was negatively affected by the strengthening of the dollar, due to the positive NonFarm Payrolls for the US market, which generally forms a medium-term mood for the markets. Traders also moved to the bearish train on the background of news related to the suspension of global gold purchases by the Central Bank of China.
Technically, the continuation of the downtrend on H1 is most likely. On D1, a takeover is forming and Friday's close is practically at the minimum values (The movement, theoretically, is not over yet), but before that the market may test the lower boundary of the consolidation (the nearest resistance).
Resistance levels: 2315, 2325
Support levels: 2291, 2267
I expect local strengthening before the subsequent fall. Traders may try to buy back some of the decline (liquidity gathering) before further testing support with a view to breakout.
Regards R. Linda!
Published weekly, PCE cools down but does not yet support GOLDAlthough PCE data shows inflation has cooled, gold prices OANDA:XAUUSD Still reversed Friday's gains and fell to close at $2,327/ounce.
PCE data was in line with market expectations, but core PCE data was below analysts' expectations, suggesting inflation in the US is cooling faster than the market expected. So fundamentally the likelihood of the Fed cutting interest rates sooner rather than later increases.
Lower interest rates tend to be positive for gold as they reduce the opportunity cost of holding non-yielding assets and precious metal prices increase following data releases. However, gold prices marked their weekly decline as the weekend trading session ended.
Data that Fed officials received this week confirm that inflation remains on a bumpy but downward path, but policymakers are unlikely to change their view and are expected to continue continues to emphasize that they need to see more evidence of this.
Government data released Friday showed the Federal Reserve's favored measure of core inflation cooled in April and rose at its slowest pace this year. First-quarter GDP growth was revised downward, with data showing a surprise drop in consumer spending in April. The reports painted a picture of the economy slowing, in line with what policymakers want to see, dispelling concerns that prices are rising rapidly, but officials may want to More such evidence in the coming weeks. Only then will the decision to cut interest rates have many prospects of being fundamentally realized.
U.S. monthly headline PCE in April was in line with expectations at 0.3%, while annual headline PCE was also steady at 2.7%.
Monthly core PCE fell to 0.2% in April from 0.3% in March and annual core PCE was unchanged at 2.8%.
Personal income fell to 0.3%, down from 0.5% the previous month.
Personal spending decreased from 0.7% to 0.2%.
Chicago's PMI in May was 35.4, lower than the previous value of 37.9, significantly lower than the forecast of 41.
According to the Chicago Mercantile Exchange (CME) Fed Watch tool, federal funds futures pricing data shows a 45.2% probability of keeping interest rates unchanged in September and a 25% probability of a rate cut. basis points (bps) is 47%.
Data from the US Commodity Futures Trading Commission (CFTC) shows that during the week of May 28, net long positions in COMEX gold held by speculators fell by 14,751 contracts to 179,221 contracts.
Fundamentally, it is clear that gold has certain conditions that support its ability to increase in price while macro data is still supporting the Fed to cut interest rates sooner. Lower interest rates increase the appeal of precious metals, especially gold.
Noteworthy data and events next week
Monday: US ISM manufacturing PMI, S&P Global Manufacturing PMI
Wednesday: US ADP Employment Change, Bank of Canada interest rate decision, ISM services PMI
Thursday: European Central Bank interest rate decision, US initial jobless claims
Friday: US Nonfarm Payrolls (NFP) Data
Analysis of technical prospects for OANDA:XAUUSD
On the daily chart, although gold has had multiple recovery sessions from technical levels that acted as support for readers' attention throughout the previous issue at the price point of 2,324USD; but recoveries are limited by the 21-day moving average (EMA21), and EMA21 is also the current closest technical resistance.
The weekly close was also right at the nearest support level at $2,324, a support level that has powered previous rallies but it has also been tested quite a few times and once it broke below, gold There are conditions to continue to reduce more with the target level then being around 2,305 - 2,300 USD.
The RSI strength index is pointing down without reaching the oversold area, which shows that there is still technical room to the downside so the best possible area to start buying should be around 30% of the index. this newspaper.
The case where the gold price has enough conditions to recover further is when it can surpass the EMA21. In the near future, in terms of technical factors, gold will lean more towards a bearish outlook. And the notable technical levels will be listed again as follows.
Support: 2,324 – 2,305 – 2,300USD
Resistance: 2,340 – 2,353USD
🪙SELL XAUUSD | 2346 - 2344
⚰️SL: 2350
⬆️TP1: 2339
⬆️TP2: 2334
🪙BUY XAUUSD | 2299 - 2301
⚰️SL: 2295
⬆️TP1: 2306
⬆️TP2: 2311