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GOLD → Consolidation on weak fundamental background

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → Consolidation on weak fundamental background


#XAUUSD remains within consolidation for several days. The market stands still due to the uncertain fundamental environment

The DXY stands in a narrow consolidation, but at the same time forms an ascending triangle, which can be interpreted as bullish consolidation, pushing the price to resistance with the aim of breaking the limit resistance level. (rlinda . com) If the dollar starts to strengthen, which is expected on the background of the pattern, gold will then start to realize the scenario we expect.

Fundamentally, on Friday and Monday, Fed officials made it clear to the market that Powell said nonsense about the rate easing discussion and started to put things in order: a rate cut is possible in March, but it is too early to discuss it now, as inflation is still high and a rate hike is possible.

Hence, this is a negative fundamental backdrop for gold. Gold is now in consolidation and heading towards resistance for a retest before a possible fall.

Support levels: 2023, 2020, 2010

Resistance levels: 2030, 2033.6

There is a high chance that after the resistance is retested, gold will start a downward phase, (rlinda . com) as below the above mentioned zones and below the lows there is an area of interest to the market maker - areas of imbalance formed on the background of the strongest rally a few weeks ago.