R.Linda Trading - forecast

GOLD → Market in range awaiting news

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → Market in range awaiting news

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GOLD is strengthening due to a slight correction in the DXY. The price is testing the local trend resistance area before the publication of Initial Jobless Claims at 13:30 GMT
The market is in a range as analysts and investors await the Initial Jobless Claims information to roughly understand the situation for tomorrow (Friday) as we approach the NFPs to be released on December 8 at 13:30 GMT.

With the correlation between DXY and XAU, the situation is unstable right now. Going forward, the inverse correlation may change even more as there are targets at lower levels for gold.
From a technical point of view, since we have a local bearish channel built on the background of strong sell-offs, I expect a false break of resistance and further decline to the previously mentioned targets.

Support levels: 2022, 2010, 2007

Resistance levels: 2032, 2035, 2040

Situation may change due to fundamental factor, Unexpected news may change the situation dramatically, but temporarily.

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