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GOLD → A retest of bullish trend support. What to expect?

2024-04-15 09:53 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → A retest of bullish trend support. What to expect?

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GOLD reaches the 2400 mark on Friday before facing a profit-taking. There is a possibility that traders closed positions before the strong news that occurred from Saturday to Sunday

There is no correlation with the dollar now, which makes it easier for technical analysis. In fact, we have a strong bullish trend and strong support in the form of the 2325-2330 zone and an ascending channel line. From Saturday to Sunday there was the development of another geopolitical problem in the Middle East and it is related to the armed crisis between Iran and Israel, which in general can only affect the appreciation of the metal.

Resistance levels: 2365, 2375

Support levels: 2335, 2330, 2325

In general, we should consider a retest of the trend support or 2330 and look at the price reaction to these levels. Most likely, the trend may continue.

By the way, from the fundamental nuances:

Core Retail Sales and Retail Sales are released today at 12:30 GMT

1) CRS expected 0.5% instead of 0.3%

2) RS is expected 0.4% instead of 0.6%.

If the data is close to expected, the backdrop will remain the same.

A reading above expectations will be positive for the dollar

Readings below expectations will be negative for the USD

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