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GOLD → Strong dollar influences further decline in gold

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → Strong dollar influences further decline in gold


#XAUUSD following my expectation, on the background of Friday's NFP falls and reaches the target. The price is testing the level of 2000, but in my opinion, this target will not end this week
From December 11 to December 15 we are expecting a rather active week, fundamentally. On Friday we got a rather strong NPF for the dollar, which made gold fall from the zone I mentioned. The fundamental potential is not over, it will continue to influence the pricing in the medium term. It is also worth paying attention to the dollar. On the weekly timeframe we see the formation of a pinbar and a bullish candlestick, which overlaps the last two, which is a strong enough sign of further strengthening. Accordingly, gold and the forex market may react accordingly.
Gold is currently testing the support area of the bearish channel. The important zone for us is 2007 - 2009. It is possible to form a retest, an impulse to 2010-2015, or a false breakdown. Further consolidation of the price below this level will form a bearish potential, which will continue to pressure the price. The market is directed to the mentioned zones of interest and liquidity (1990, 1984, 1965, 1955) in the medium term.
Fundamentally, the market has stopped paying attention to the nuances in the Middle East or Eastern Europe. Now everyone is waiting for some new information from Powell related to monetary policy, namely interest rates. But, more data on Initial Jobless Claims and NFP may make the Fed chief hesitant.
Also, on the weekly timeframe, I found the "Cup with handle" pattern forming interesting. It is clear that within such a period it is impossible to determine the exact place of the breakout or the point of safe entry into the market, but the tendency to the fact that the extreme phase of the expected pattern is forming is already pleasing. Most likely, in the medium and long term, the price will continue to test the resistance 2070-2100 for a breakout and the formation of a new range, but not in the near future.