📈 GOLD → Is the market bearish and preparing for what?
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GOLD has been facing strong bears since the opening of the session. The price returns under 2325 and forms a consolidation. Earlier there was a retest of a strong resistance area. The market is still bearish
For the gold market the area of 2325 plays a key role at the moment. Bulls are not yet ready to overcome this area on the background of strong dollar and weak fundamental background for the metals market. A retest of 2325-2340 resistance is possible before further decline. As the market is still bearish and consolidation is forming, liquidation of buyers may follow in the nearest future. The prospective target is 2305-2290-2275.
There is no news today, fundamental and technical background is negative.
Resistance levels: 2325, 2340, 2356
Support levels: 2315, 2305, 2295
Technically, gold may test the local lows or even update the interim lows. There is still no strong buyer ready to fight against the whole market. The price is trading in a bearish range.