GOLD → The bearish rally is intensifying. Next, 2500-2400?

accelerates its fall and updates the low, testing the zone below 2600. Panic? Profit-taking? Are buyers turning around? CPI and PPI ahead, is there still hope?

Chinese authorities have played a negative role this time with their weak support for markets (traders are wary of potential trade tariffs that Trump may impose), which is generally reflected in the gold price in part.
Theoretically, any attempts to rise in gold may be limited, due to the rise of the dollar, which is feeling support from the market amid the excitement of Trump and fading expectations of future Fed rate cuts.
Ahead is the consumer price index, which could have an impact on the Fed's future rate path and the US dollar.
Technically, gold is trying to break out of a key range breaking support. If a false break of 2604 is formed, a small correction to resistance may form.

Resistance levels: 2626, 2637
Support levels: 2604, 2569, 2546

If the bears keep the price below 2605-2600, the decline may intensify, but since the price is testing strong support, a false breakdown and a correction may be formed as a primary reaction, for example to 2626-2637 (0.5 fibo) before a further decline.

Rate, share your opinion and questions, let's discuss what's going on with ★
XAUUSD ;)

Regards R. Linda!

Trade active

A false breakdown of 2604 level is formed, which generally activates the idea.
If the bears hold the resistance area, in this case the fall will continue
If the price starts to return upwards, we should wait for a retest of 2616, 2626, 2637.

Trade closed: target reached

RLinda

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