GOLD (02/12) | Bears are Gaining Momentum. Retesting the Resista
XAUUSD is declining after falsely breaking the resistance level of the range. The fundamental backdrop is mixed and still does not allow for the formation of a clear mid- to long-term strategy.
Trump's policies are creating new risks. Before taking office, he signaled the possibility of raising tariffs globally (on Canada, Mexico, Europe, China, and BRICS countries). Increased geopolitical risks are also affecting metal prices. On the backdrop of a strengthening U.S. dollar and expectations that the Fed will cut interest rates, gold prices are falling, confirming the bearish structure of the market. The market's attention is focused on the U.S. ISM Manufacturing PMI index.
Technically, the price is breaking below the ascending support line as well as the 2636 level, indicating a dominant bearish sentiment. A correction is forming, and we should pay attention to resistance zones, liquidity, and key imbalances.
Resistance levels: 2636, 2650
Support levels: 2622, 2618, 2605
A retest of the broken structure and the previously significant levels is forming. A false breakout of the 0.5-0.7 Fibonacci retracement (retest) could trigger aggressive selling due to the newly strengthened U.S. dollar. However, globally, gold is still within a sideways range without a clear trend.
🪙SELL XAUUSD | 2651 - 2652
⚰️SL: 2656
⬆️TP1: 2644
⬆️TP2: 2639
🪙BUY XAUUSD | 2580 - 2581
⚰️SL: 2575
⬆️TP1: 2586
⬆️TP2: 2591
This concludes the article. Best wishes for a healthy, joyful, and happy weekend.
Trump's policies are creating new risks. Before taking office, he signaled the possibility of raising tariffs globally (on Canada, Mexico, Europe, China, and BRICS countries). Increased geopolitical risks are also affecting metal prices. On the backdrop of a strengthening U.S. dollar and expectations that the Fed will cut interest rates, gold prices are falling, confirming the bearish structure of the market. The market's attention is focused on the U.S. ISM Manufacturing PMI index.
Technically, the price is breaking below the ascending support line as well as the 2636 level, indicating a dominant bearish sentiment. A correction is forming, and we should pay attention to resistance zones, liquidity, and key imbalances.
Resistance levels: 2636, 2650
Support levels: 2622, 2618, 2605
A retest of the broken structure and the previously significant levels is forming. A false breakout of the 0.5-0.7 Fibonacci retracement (retest) could trigger aggressive selling due to the newly strengthened U.S. dollar. However, globally, gold is still within a sideways range without a clear trend.
🪙SELL XAUUSD | 2651 - 2652
⚰️SL: 2656
⬆️TP1: 2644
⬆️TP2: 2639
🪙BUY XAUUSD | 2580 - 2581
⚰️SL: 2575
⬆️TP1: 2586
⬆️TP2: 2591
This concludes the article. Best wishes for a healthy, joyful, and happy weekend.
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