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GOLD → Correction continues, possible target 2250

2024-04-30 09:06 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Correction continues, possible target 2250

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GOLD continues to decline within the framework of corrective movement. Sellers are providing strong resistance and at the moment are not ready to let the price go above the key zones

Earlier gold showed signs of strengthening, which in general the market evaluated positively and was ready to wait for the achievement of high targets, but as I said earlier it is not worth waiting for growth now. The market is interested in reaching the lower liquidity zones as well as in liquidation of traders in order to balance the market. On the background of consolidating dollar the price of gold is decreasing. The market is waiting for Powell's speech, who will give comments on interest rates. Traders lay in the situation the fact that Powell may give a tough comment on the current situation and leave the rate at the same level.

Support levels: 2305, 2267

Resistance levels: 2328, 2344

Technically the correction continues. This correction is formed on the basis of both fundamental and technical reasons. This week is quite busy and it is worth paying attention to the news, which can determine the medium-term perspective.

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