📈 An unexpected shakeup. What's next? 2700 or 2600?
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GOLD closed the session perfectly on Friday, hinting that it was preparing to move up to conquer the highs. But Monday morning's news shook up the market, eliminating buyers. What happened and what to expect?
Gold's decline in the Asian session was due to news from the Middle East, with Israel tentatively approving a ceasefire agreement with Hezbollah in Lebanon.
But, on the other hand - the escalation of the conflict in Eastern Europe, where the situation has become more complicated to some critical limits over the past few weeks. This is a two-edged sword.
The market will react to any news coming from the two regions. No economic news is expected on Monday.
Technically, the focus is on the sideways range of 2731 - 2660 and internal levels, among which the price may look for support....
Resistance levels: 2673, 2689, 2731
Support levels: 2660, 2643
If the price consolidates above 2673, then we should wait for a retest of 2689 (0.5 fibo). If the bulls continue to press the market, the gold may test 2721.
But if the bears hold 0.5-0.7 fibo and retest 2660, then we should wait for a correction to the zones of interest and liquidity before a possible pullback