R.Linda Trading - forecast

GOLD → Profit-taking and another war. Opening with a GAP?

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → Profit-taking and another war. Opening with a GAP?


GOLD updates another high to 2431.4 and then begins to shed heavily amid profit taking by traders. The weekend also proved to be fundamentally important for the markets, which may react strongly
Most of the nearly $100 drop is due to profit taking by traders as the price reaches psychological levels, but the drop to 2300-2350 allows to find new buyers at relatively cheap prices. From Saturday to Sunday the next and not unimportant armed conflict between Iran and Israel is developing, which in general can affect the prices of commodities and futures quite strongly.

On H1 the price is declining to the trend support and is testing the liquidity area of 2330-2350. In all likelihood, the market may open with a gap on Monday amid the crisis in the Middle East. The area below 2328 may still remain protected and play an important role in price formation.

Resistance levels: 2354, 2400, 2428

Support levels: 2328, 2303

Fundamentally everything is quite complicated and not stable, Gold still plays an important role as a hedge asset and interest in the metal is getting stronger, the growth from 2300-2350 is likely to continue