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GOLD → Retest of a previously broken level. Panic zone

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → Retest of a previously broken level. Panic zone


GOLD is testing local levels in the correction phase and heading towards descending triangle resistance. There are several strong levels crossing in the area of 2035-2037. What to expect from the price?
The price is in the correction phase testing the symmetrical triangle resistance as well as the previously broken ascending support line. Technically, gold is in a stalemate situation, as well as in the selling zone. The crossing area of strong levels is at 2035-2040.

Most likely, before a possible further fall, the price may test 2035-2040 with a false breakout. But, there is news ahead and we should not forget about their nature of unpredictability.

Resistance levels: 2035, 2037, 2040

Support levels: 2030, 2020, 2016

Fundamentally, gold is weaker against the dollar. Technically, we have no trend, only flat. There is news ahead and on the background of the news, I expect that the price may continue to fall after the correction phase. Targets remain the same
Today is quite a busy day for news. Yesterday, during the FOMC meeting it was said: The Fed representatives expressed caution about starting to cut rates too soon. - This once again confirms the fact that inflation remains high, rates will not be cut before the summer and in general this is a scenario for the strengthening of the dollar index.

Today we should pay attention to:

13:30 GMT - Initial Jobless Claims

14:45 GMT - SP500 PMI

20:15 GMT - FOMC Member Harker Speaks

21:30 GMT - Fed's Balance Sheet

22:00 GMT - FOMC Member Kashkari Speaks

Focus on Initial Jobless Claims:

This is the number of people who applied for unemployment benefits for the first time in the last week. This is the earliest US economic data.

Analysts expect the data to remain roughly flat, with a slight +3K increase.

But, the previous two periods the data was lower than expected, which was positive for the overall situation. It is highly probable that this time we may see data below the expected 217K. If this happens, the dollar will continue to rise, which may have a positive impact on the market.