R.Linda Trading - forecast

GOLD → Bears are around. The fall may continue, but....

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → Bears are around. The fall may continue, but....


#XAUUSD is under selling pressure amid the global bull market. Earlier, the price updated the high to 2150, after which it formed a rather strong conglomerate of bearish patterns.
Last trading week, the market rattled everyone's nerves. And the reason for that was the incompetence of the Fed as a structure that has a huge influence on the market. The paradox of the Fed this week was that Fed Chairman Jeremy Powell gave a strong pattern on Tuesday that they are discussing rate cuts and are ready to do so in the future. (rlinda . com)As a consequence, an aggressive reaction is forming in the market in the form of a bullish momentum of 3%.

And on Friday, one of the Fed's representatives, Williams, said that they are not even going to consider this issue anytime soon. He also added that the Fed is seriously ready to raise rates if necessary. the market reacts with strong sell-offs of $300 or 1.5%.

The price is testing one of the strong support areas and from the technical analysis point of view, there is a chance to see a rebound and a retest of the local resistance before a further decline.
In the coming week it is worth paying attention to the following news, the data on which can also determine the medium-term outlook for the market:

• GDP QoQ, Initial Jobless Claims, Philadelphia FED MI

Based on the fundamental data from last week, there are strong indications that we should expect the #DXY to strengthen from the market opening and in the medium term. Consequently, after a small correction, gold may continue its decline towards the imbalance zones, which are obviously still of interest to the market maker.

The medium-term target may be the support area below 1975. (rlinda . com) The market may test the support of the global price channel before further growth. At the moment, the priority of forces is for the bulls, as there are a number of nuances and patterns that point to this.