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GOLD → The bears are selling off all the growth. 2250 ahead?

2024-05-02 11:19 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → The bears are selling off all the growth. 2250 ahead?

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GOLD is forming a range of 2328 - 2295. The market sold off all the excitement formed on the background of Powell's comments yesterday. A bearish market structure is forming on D1

The area of 2328 is keeping the price down and plays the role of a strong key resistance. The bears (sellers) are quite strong and continue to gain momentum. The price is testing the range support. There is a possibility of support breakout with the subsequent decline, but for this there should be either technical or fundamental reasons. There may be a pullback before the news. Ahead of Initial Jobless Claims, traders are waiting for a negative scenario against the dollar, if the data is below 212K, the gold may continue its decline, if the IJC is above 212K, the gold will head towards 2328.

Resistance levels: 2305, 2328

Support levels: 2295, 2280, 2267

The market is bearish, the correction is ongoing and gaining momentum. The market maker aims to go down to liquidity zones. But ahead of Initial Jobless Claims and tomorrow NonFarm Payrolls.

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