📈 GOLD → The price continues to decline. Is it 2250?
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GOLD continues to decline and test new local lows. The fundamental background is negative and the decline may continue. Important events are ahead, everyone is waiting for Powell's speech.
Bears finally hold the area of strong liquidity 2328, which only intensifies the price decline. At the moment the market is testing 2280. Today is a busy news day. Traders are highly likely to expect Powell to leave the interest rate unchanged today and may even change his tone to a more aggressive one, amid high inflation. This could strengthen the dollar, which would only exacerbate the fall in the gold price, which is already looking towards liquidity zones below 2267.
Resistance levels: 2295, 2305
Support levels: 2267, 2250, 2228
The market is starting to put possible negative news into pricing. The fall may continue. But on the background of news the price is able to test the nearest resistance zones before further bearish impulse.