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R.Linda Trading - forecast

GOLD → Negative fundamental background and support retest

2024-02-23 10:44 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Negative fundamental background and support retest

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GOLD as we expected, is declining. False breakdown of 2031, retest of global resistance and negative fundamental background leads to the price losing 0.9% from the local high

snapshot

There is little news today, the fundamental backdrop for gold persists, as does the outflow of GOLD-ETFs from the market, which is a generally negative scenario. The dollar continues to strengthen, as well as forming a candlestick pattern that confirms the general policy.

Technically, gold is testing 2015 and may form a rebound to 2020-2025, after which the market may wait for a retest of 2015-2016 with the aim of breaking the support and further decline to the mentioned targets. Both technically and fundamentally, the overall picture suggests further price decline.

Resistance levels: 2021.5, 2027

Support levels: 2015, 2010, 2000, 1995

The situation is generally bearish. The fundamental background and TA determine for us the medium-term potential, which is directed towards the realization of the movement to 2000-1990

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