GOLD lingers inside the consolidation and channel 2660 - 2615. Technically, speculators are confused. The fundamental background is mixed. What's next?
Focus on the escalating conflict in Syria, which has led to the overthrow of the Assad government and the end of the long-running Civil War. Risks regarding the Middle East are still quite high despite the ceasefire between Israel and Lebanon.
Fundamentally, despite Friday's better than expected NFP, markets are 80% likely to expect a 0.25% Fed interest rate cut. In the week ahead, all eyes are on economic data such as CPI and PPI.
Technically, I don't see any reason for the price to break out of this consolidation. Accordingly, I expect a false breakout with a high degree of probability.
Resistance levels: 2655, 2660, 2667
Support levels: 2636, 2615
The price has passed 0.85% since the opening of the session. There are no reasons for the resistance breakout. There is also no potential for a breakout. Accordingly, based on the available data, there is a high probability of a decline from the key resistance zone.