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GOLD → Causes of the fall. Can gold fall even lower? 2265?

2024-06-10 08:40 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Causes of the fall. Can gold fall even lower? 2265?

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GOLD is making a new low and there are a number of reasons for that. The price after Friday's sell-offs is returning in the bearish trend boundaries, which determines the medium-term prospects for us

snapshot

On D1, price is still in a global sideways range and support (global liquidity zone) is still untested. So why did gold fall? The market was negatively affected by the strengthening of the dollar, due to the positive NonFarm Payrolls for the US market, which generally forms a medium-term mood for the markets. Traders also moved to the bearish train on the background of news related to the suspension of global gold purchases by the Central Bank of China.

Technically, the continuation of the downtrend on H1 is most likely. On D1, a takeover is forming and Friday's close is practically at the minimum values (The movement, theoretically, is not over yet), but before that the market may test the lower boundary of the consolidation (the nearest resistance).

Resistance levels: 2315, 2325

Support levels: 2291, 2267

I expect local strengthening before the subsequent fall. Traders may try to buy back some of the decline (liquidity gathering) before further testing support with a view to breakout.

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