📈 GOLD → The market's buying back the fall. Next up, 2300?
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GOLD is still very strong. The price does not react to the news properly, only as a short-term reaction. The market is quickly buying back the decline and testing resistance
Buying potential is quite strong, the probable area of the first stop could be the zone 2300-2325. On H1, an intermediate sideways range is formed after a false breakdown of channel resistance. The price defines the lower boundary as 2228 without reaching the strong support at 2222, which indicates that the bulls are very much keeping the price away from risk zones. A retest of the resistance is formed and there is a high chance to see a false breakout or a bounce followed by a correction, which may become a consolidation phase before further growth.
Resistance levels: 2265
Support levels: 2228
High interest to the metal from investors, central banks favorably affect the strengthening of the metal, besides the role of hedge asset is now more than ever manifested in the market. Gold will try to break the resistance for further growth, as there is no hint of a change in the global trend