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R.Linda Trading - forecast

GOLD → Break of the support of consolidation. Next is 2300?

2024-05-29 10:09 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Break of the support of consolidation. Next is 2300?

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GOLD is still bearish. The price is trying to leave the corrective range, which is formed after the false breakdown of support. The market is preparing to go lower

On the 1H timeframe it is becoming clear who is showing dominance in the market. There is no strong buy yet, apparently, before the GDP and PCE publication on Thursday and Friday, no one dares to enter the market early. (Presumably, the dollar may get another dose of support, which could weaken gold even more). I think that in the short term the price may retest 2335.

Resistance levels: 2354, 2364

Support levels: 2335, 2328, 2306

Consolidation of the price below the previously broken local uptrend support (dotted line), will be a confirmation of the market's intention to go down. A quick retest of 2335 may lead to a break of support and further fall to 2300

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