GOLD → Strong bears have come in. price is making new lows

11 gru 2023

GOLD after NFP is updating 2-week low and preparing to decline further as fundamentally, we notice a reversal of market sentiment.



On D1 the DXY is forming a reversal setup and another retest of the key level. Against the backdrop of positive NFP, the index could strengthen quite strongly within the medium-term outlook.
In the GC1! market, there is still a huge market imbalance in favor of buyers, whose number began to increase since the beginning of the conflict in the Middle East.
A final break of the 1994 support and further price decline towards 1984 is expected in the near future. But before that the market may test the local highs (resistance). Moving averages indicate a strong bearish trend.

Resistance levels: 2000, 2004, 2007
Support levels: 1991, 1984, 1965

Fundamentally and technically gold is going down. There is no strong news today, but the market may test the nearest resistance to capture liquidity before falling further.

Regards R. Linda!

11 gru 2023

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