R.Linda Trading - forecast

GOLD → The mood has shifted to bearish. A correction?

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → The mood has shifted to bearish. A correction?


GOLD is forming a bearish wave, within which it is declining from 2400 to 2350. The price is testing strong support amid the changing sentiment
Within a bullish trend, after testing the high of 2450, the market catches up with a correction wave based on fundamentals. The market is caught by a wave of sell-offs, which can be continued after a pullback and retest of local areas of liquidity. From 2354 we expect a rebound to the above-mentioned areas and further we should follow the price reaction to the liquidity areas.

Initial Jobless Claims and Purchasing Managers' Index are ahead. Traders are neutral towards the dollar, but amid the general policy, the dollar index may get support, which may have a peculiar effect on the gold, until the market finds new reasons to rise.

Resistance levels: 2374, 2383, 2397

Support levels: 2354, 2336, 2306

Technically and fundamentally the market is still bullish, but a correction is forming within the uptrend, which may take a little longer.