📈 GOLD → Bears are holding 2332. Possible shake up...
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GOLD rises on Tuesday and Wednesday amid unexpectedly weak news in the US market, but at the same time the dollar does not tend to fall. Today is a day off in the US and gold is creeping up towards resistance
The price is resting in the strong resistance area of 2332, the limit resistance level formed by the sellers does not let the price go beyond it. Consequently, a shake up and subsequent false breakout may occur relative to the level, which may lead to a strong fall and liquidation, as there is no strong buyer in the gold market and the fundamental background is weak. The market is within the descending channel, but in the phase of consolidation, which sooner or later will move into the realization (distribution) phase. Before that a retest of the trend resistance is possible (capture of additional liquidity)
Resistance levels: 2332, 2340, 2356
Support levels: 2325, 2315, 2305
The overall situation is that we may see another bearish rally. There are no reasons to break the trend resistance at the moment. The most likely scenario is a false breakout under current circumstances.