GOLD → A retest of trend support. ISM PMI ahead...

5 ago

XAUUSD is moving into the correction phase amid unstable fundamental environment. The price of the metal is declining towards the rather important zone of 2420, which has shown itself more than once.



Fundamentally, the market is in fear because of possible recession, which may become a motivation for the Fed to take hasty actions and more aggressive easing of monetary policy
Rumors are emerging about a possible emergency FED meeting in the near future.
Not to forget gold as a hedge asset, which continues to feel supported in volatile times.
Speculators are cautious and refrain from premature actions ahead of the ISM services PMI data and the tense situation in the Middle East.

Support levels: 2419,6, 2403, 2382
Resistance levels: 2451, 2474

Technically, gold is at a strong support at 2419 and judging by the reaction of the price to the level, the buyers are acting quite aggressively, trying to hold the market. Against this background, the price may strengthen to the nearest resistance 2430, 2445, 2450, but if the price starts to return to 2419, forming a quick retest, it will increase the chances of a possible breakdown of the bullish channel and further decline to the zone of interest and liquidity.

Rate, share your opinion and questions, let's discuss what's going on with ★GOLD ;)

Regards R. Linda!

5 ago

Trade chiuso: obiettivo raggiunto

target reached!

6 ago

Nota