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GOLD → The sell-off may continue. News ahead

2023-12-05 09:35 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → The sell-off may continue. News ahead

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#XAUUSD sold off 6% from its high. The price has lost more than $130. This is the biggest drop since August 2020. At the moment a correction is forming, after which the fall will continue

snapshot

Gold is forming a huge false breakout and a candle with a huge shadow, the potential of this setup is that without the influence of the fundamental component, from a technical point of view, the price can fall to 1900-1800 (do not take this as a target, it is just a nuance)

For the gold market, the liquidity and imbalance zones are below: 2022, 2012, 2007, 1900, 1987, 1984. The probability is quite high that the price will test most of these targets, it is dangerous to buy now, the market is still in a sell-off, which I warned you about earlier.

Reason: fundamental, dollar strength, lack of volumes, global range, engulfment, moving averages cross, huge imbalance.

Support levels: 2030, 2022, 2012

Resistance levels: 2035, 2040

I am waiting for the continuation of the fall after the retest of the resistance area. But! Strong news is published today and the market may be stormy, on the background of panic, the price may test the resistance areas before falling

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#XAUUSD 👑

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