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GOLD → Shake up and bounce from MA-200 (D1)

2024-06-20 10:01 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Shake up and bounce from MA-200 (D1)

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GOLD is testing range and trend resistance, forming a false break of 2340 and touching MA-200 (D1). In the meantime, the dollar is strengthening and doesn't look like it's ready to give up....

snapshot

Traders are expecting Initial Jobless Claims to be relatively lukewarm towards the US market. If the figure is lower than expected, it will provide additional support to the market, which would be a negative scenario for the metal price.

Technically, the price is in a downtrend. In relation to the range of 2340-2300 a false resistance breakout is formed (liquidity capture). The strong movement is similar to a shakeout in nature. A retest is possible before a further fall to the lower liquidity zone. There is still no strong buyer on the market.

Resistance levels: 2340, 2358

Support levels: 2332, 2325, 2315

With a retest target, the price may return to 2340, but there is no reason for gold to break the resistance yet. Consolidation below 2332 will send the price to 2315. BUT, provided the news is negative for the dollar, gold could test the trend resistance with a breakout target.

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