GOLD → Correction before the news. Bears may resist ↓

27 cze 2024

XAUUSD after falling to 2293 is forming a correction before the news as traders are shrugging off fear of unpredictability. Important news ahead that determines the medium term strategy



Traders are waiting for US GDP and PCE inflation data. Bullish data against the dollar could hurt the price of gold quite a bit, which could head towards 2220 and get a downward correction phase change to a downtrend. Regulators are still sticking to the fact that inflation is high and it is still hard to fight it.
Technically, price is forming a bounce. Local rally is directed towards interest and liquidity: 2315-2325. Possible retest of local resistance before the news, if the general mood does not change, the fall will continue from the above zones. But, a break of the resistance at 2325 will bring the market back to the range boundaries....

Resistance levels: 2315, 2325, 2332
Support levels: 2306, 2397, 2287

Unpredictable news makes trading difficult, but based on the current data the market is bearish, there is no big buyer yet, local data may form a shakeout and increased volatility, after the exhaustion of which traders may return to sell-offs of metal

Regards R. Linda!

27 cze 2024

Zlecenie aktywne

27 cze 2024

Zlecenie aktywne

A false breakout is forming
Price cannot overcome the resistance yet