GOLD → Correction after the rally. Bears still dominate

24 giu

XAUUSD has been strengthening since the opening of the session, buyers are trying to hold the defense above 2325 and redeem part of Friday's fall. Fundamental background remains negative.

Idea: GOLD → Bears are engulfing the market. What's next?
We discussed a possible rebound and the strength of the bear market.
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The price consolidation above the strong support at 2326 opens the range for maneuvering and may allow traders to strengthen to 2341 (2354) - the area of interest, the target of such maneuvering may be the liquidity inside the range, formed within Friday's rally by those who tried to catch the departing train. If 2341 will be confirmed and the bears will not let the price go beyond its limits, the market may go into the sell-off phase again.
Investors this week are interested in GDP and PCE, which are released in the second half of the week, the first half of the trading week may be relatively quiet.

Resistance levels: 2341, 2354
Support levels: 2325, 2315, channel support

I expect the correction to continue to the area of liquidity and interest. A major player may gather the rest of the potential before further movement in one direction or the other. Watch the price reaction to the level of 2341, which may determine either a fall or further growth to 2354.

Regards R. Linda!

24 giu

Trade attivo

Price is consolidating above 2326. An impulse to 2340 may be formed