🥇 GOLD - The market may weaken further
Updated
GOLD is under bear market pressure. The sell-offs bring the price down to 1932 and form a consolidation. The market is building up for a further fall, and the correction may be quite protracted.
Prerequisites for further fall:
1) there are no deep pullbacks after support retest
2) Consolidation is forming in the zone of local minimum.
3) Strong dollar negatively affects gold
4) Breakout of 1932.9 will form an impulse to 1908 due to the free zone below the trigger level.
5) I expect a decline to 1908
Key resistance: 1960
Key support: 1932
Prerequisites for further fall:
1) there are no deep pullbacks after support retest
2) Consolidation is forming in the zone of local minimum.
3) Strong dollar negatively affects gold
4) Breakout of 1932.9 will form an impulse to 1908 due to the free zone below the trigger level.
5) I expect a decline to 1908
Key resistance: 1960
Key support: 1932
Comment
Gold is forming a consolidation and range within: 1962 - 1932. The support has worked out and the price is heading towards resistance.
The US CPI will be published soon and the market may show further movement to one side or the other.
The dollar has been weakening a bit since the opening of the session, apparently there is pressure in anticipation of weak news.
In the near future I am expecting a retest of the resistance 1962 on the background of weak news on the US dollar
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