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GOLD → An attempt to break H4-D1 support. Fear?

2024-06-26 10:14 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → An attempt to break H4-D1 support. Fear?

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GOLD is updating the low. The breakdown of the structure confirms the dominant bearish potential. But, the price is moving reluctantly in anticipation of the news. There could be a retest of resistance (trap) before falling

snapshot

The dollar is strongly bullish. The US market situation is difficult and regulators have hinted more often about rate hike, inflation is uncontrollably rising and this is a negative scenario for the markets.

The situation in the Middle East is heating up: the Israeli army continues to pull heavy military equipment to the borders of Lebanon. The intensification of the conflict will increase the interest in gold as a safe-haven asset.

At the moment, technically, gold is in a selling zone, as the price is breaking the strong support area H4-D1. A retest is possible before the subsequent fall (if the overall fundamental environment does not change dramatically).

Resistance levels: 2326, 2332, 2341

Support levels: 2315, 2306, 2297

Traders are waiting for the US GDP, which will be released tomorrow. Traders expect the DXY to continue its northward course, accordingly, the expensive dollar on gold may have a negative impact...

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