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GOLD → The downtrend continues to form

2024-01-08 09:56 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → The downtrend continues to form

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GOLD has been declining on the basis of fundamentals since last week, which is what I was preparing you for. The price makes a false break of resistance and decreases by 1.8%

Yesterday we analyzed the situation from both fundamental and technical points of view. Gold, as we expected, is declining towards the support. The price is heading towards the lower boundary of the trend, from which a small correction to the resistance may follow. If the fundamental background does not change in the next few weeks, the price may test the levels even lower in the future.

Technically, now we expect a correction from the 2023-2020 area to one of the nearest resistances. BUT, if the channel support is broken and the price forms a consolidation below 2023-2020, the decline will start without a pullback, the target in this case will be the area of 2015, 2010, 2000.

Support levels: 2030, 2015

Resistance levels: 2039, 2049

The price may continue to be inside the descending channel, having formed a bounce from support to resistance. Technically and fundamentally, the price is preparing for a decline.

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