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GOLD → 2319 keeps the market from falling, but for how long?

2024-07-02 10:05 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → 2319 keeps the market from falling, but for how long?

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GOLD is still consolidating within the local range of 2340 - 2320, which is formed after breaking a strong trend line support. The dollar index is still heading northward

snapshot

Gold is still unable to break downside resistance, as well as forming price consolidation below previously broken support. The key risk zone on which the bulls put so much is 2319-2320. A breakdown and consolidation of the price below this line may trigger a rally to 2290-2275.

All eyes are on Fed Chairman Jerome Powell's speech today at 13:30 GMT

The recent rise in gold prices can be attributed to lower US Treasury yields as traders resort to profit taking ahead of important US events. ISM, FOMC, NFP are ahead, but the fundamental background for gold is still weak and buyers do not believe in upward movement yet.

Resistance levels: 2332, 2341

Support levels: 2319, 2306, 2297

Technically, a bearish pattern is developing on the senior timeframe, unless Powell says something unpredictable today, the general background will remain the same, which will be favorable for further price decline to these areas.

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