📈 GOLD → Pending FOMC & FED. Price may fall even lower
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#XAUUSD is in consolidation phase and it is likely to last until 19:00 GMT. The market is waiting for news and no strong movements in one or the other direction should be expected before the time.
The premise is that the dollar will strengthen:
• Friday's NFP continues to be bullish for the DXY
(pattern to break resistance is forming)
• PPI is expected to be bullish
• Overall the data over the past few days will not allow Powell to cut the rate.
• Inflation is still strong to change policy.
Against this backdrop, gold may test one of the local highs: 1990, 1996, 2000 before falling further
Overall, (rlinda . com) from a technical point of view, there is still a huge buying imbalance in the gold market, the market maker can take the price much lower to balance the situation and at the moment the negative fundamental background is contributing to this.
Support levels: 1976,2
Resistance levels: 1984.3, 1990, 1996
The price continues to update the lows and this indicates the mood of the market. The fundamental background for gold is unfavorable and the decline may continue. The situation may change if today's news and its actual data are not extremely opposite to expectations