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GOLD → Countertrend correction or consolidation before a fall ↓

2024-07-01 11:21 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Countertrend correction or consolidation before a fall ↓

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GOLD has been updating the local minimum since the opening of the session and confirms the bearish nature of the market. The price is heading towards the area of interest and liquidity before a possible decline

snapshot

Today the focus is on the news: S&P PMI, ISM. Traders are expecting relatively warm data, but, at the moment, everything revolves around the perception of inflation news regarding the inflation itself in the Fed's further view on monetary policy. High volatility is possible.

Technically, on D1 gold is trading in bearish territory and at the moment, after updating the local low, the price is heading towards the liquidity zone, from which the sell-offs may increase. There is a possibility that before further decline the price may go deeper, for example, to test the imbalance area, as well as the previously broken channel boundary (liquidity capture).

Resistance levels: 2332, 2341, 2346

Support levels: 2325, 2315, 2306

It is possible that the situation may change, as traders are overreacting to inflation-related news, but at the moment, on the high timeframe is formed exclusively bearish setup on the negative fundamental background.

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