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!
Trade active
Note
There is also a possibility of opening the market with a gapTrade active
Trade active
Price goes beyond 2325 (bear market)
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🌹TRADING is a CASINO💔!?
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.