📈 GOLD → Liquidation of sellers could trigger a fall. Target 2100?
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GOLD stops after a strong rally. A new ATH = 2195 is formed, after which the market starts the correction phase. The support 2175 is broken and the price tests 2150. There is a probability of continuation of decrease but after resistance retest.
The fundamental background has been maintained since Tuesday. Yesterday we got CPI positive for the dollar, which temporarily strengthens the index and negatively affects the gold. After the 2175 breakout, the market gives us a move of almost 240 pips. Fundamentally, there is no important news today, so the market is influenced by yesterday's data.
On H1, consolidation is forming below 2161. Buyers are trying to buy back the fall, but sellers do not let prices go above 2165. In this case, the most likely scenario may be a shakeout (false breakdown of 2165) and liquidation of sellers before a further decline to 2144 - 2100.
Resistance levels: 2165, 2175
Support levels: 2144, 2125, 2100
The correction phase is most likely not over yet. The price may test the resistance before a further decline with a negative fundamental background