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GOLD → The calm before the storm. 2400 or 2200?

2024-05-31 10:18 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → The calm before the storm. 2400 or 2200?

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GOLD reduces volatility and shrinks into a narrow range before the news. US GDP did not play any role and traders are waiting for the general fundamental background. Locally, the downtrend

snapshot

The trend is downtrending, but on yesterday's news the price is trying to break the channel resistance, forming a consolidation of the price above the line. But if the price returns to the channel, due to the formed consolidation, the market may see a strong momentum towards 2280.

Ahead of the news, traders are waiting for PCE. But, the market believes that the index will remain at the same level and this generally complicates the situation because if in fact the situation changes it may trigger a violent reaction

Resistance levels: 2354, 2374

Support levels: 2328, 2306

Globally bullish trend, but there is no strong buyer yet. Everyone is waiting for the news. Locally the trend is bearish, to confirm the change of the trend to a local bullish one, the price should overcome the area of 2354 - 2364 and consolidate above, in this case - the way to 2400. But, a break of 2328 will make the market panic

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