GOLD →The price before the news gives signals for a trend change

1 cze 2023

Gold is trying to change the trend. The price updates the local maximum to 1974 and rolls back to the previously broken border.

In the near future, MA-200 and MA-50 (sentinels) may send a strong signal.
Pay attention to the fact that there is a false breakdown of strong support, followed by a breakout of the resistance of the ascending channel and a signal from the moving averages is formed. We observe at least three prerequisites for the fact that the trend may change in the near future. (This situation is developing from the point of view of technical analysis)
From the point of view of fundamental analysis:
ADP Nonfarm Employment Change - analysts expect a significant deterioration in the numbers.
Initial Jobless Claims - analysts expect an improvement
ISM Manufacturing PMI - analysts expect that the data will either not change or will be worse
In general, from a fundamental point of view, the dollar may weaken and thereby push the price of gold up.
Moving averages occupy a neutral position.

Strong support: 1954, previously broken channel boundary
Strong resistance: 1962, 1973
I expect that against the background of the fundamental news today, if the data is confirmed, the dollar may weaken, and gold will rise in price. It is likely that in such a scenario, the price of gold may reach 1984 and even 2000

Sincerely, R. Linda!