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GOLD → Sell-off (correction) amid FED pause

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → Sell-off (correction) amid FED pause

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#XAUUSD , a sell-off after the rally. The price decline is mostly due to the Fed's action. The price is forming a correction, updating local lows and apparently ready to continue the correction. Let's see what's going on!
The dollar on the background of actions (or rather inactions, Fed pause and relatively frightening statements) is returning to the previous range after a false break of support, which contributed to the beginning of the correction in gold and the current sell-off.

In the coming week, it is worth paying attention to the news releases:

• Tuesday: CPI;

• Wednesday: CPI, Core Retail Sales, PPI.

• Thursday: Initial Jobless Claims, P. FED Manufacturing Index.

Last week's information: Powell is still afraid to speak affirmatively about the rate, intimating further policy tightening and at the same time the market is getting positive GDP data, there are also good dynamics related to inflation, but not enough for the Fed.
In terms of technical analysis, gold continues to form a flat. The global flat range is from 1809 to 2009 (2032), inside the flat there are strong zones of interest, liquidity and support.

• In the first: the 1925 area is a volume density that may be of primary interest to the market.

• In the second: The 0.5-0.618 fibo area is an area of liquidity and an area of interest for the market.

• Third: MA200-MA-50 moving averages, which currently support the market.

Again, we can clearly see the previously broken downtrend on the chart. After the breakout and impulse a correction is formed, which is a logical process, the price can look for a support area for the subsequent formation of an upward movement, and such areas can serve as zones, which I indicated above and also on the chart.
In the coming week, the decline will continue to the previously mentioned areas, and for further understanding of the movement, we will follow the news, the price reaction to these areas and the general fundamental-technical background.
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