GOLD is trading within an ascending channel, but traders are actively selling off all of Friday's growth. The key roll is played by the resistance 2365, at the moment bears are holding the market
The dollar stops falling amid expected comments from Powell, as well as CPI and PPI to be released on Thursday and Friday. The fundamental background is neutral at the moment, Against this background gold is getting under correction and testing the liquidity area of 2350.
Now all the focus is on 2365, relative to which a false breakout has been formed.
IF:
sellers will hold 2365 and will not let the price above this level, we should expect a decline to 2350, 2341 and further it is worth watching the situation, because in this case the price can reach 2325.
If the buyers continue to be active and can form a consolidation above 2365, it will open a channel, the upper boundary of which will be 2387 and we can go up to it.
Resistance levels: 2365, 2387
Support levels: 2358, 2350, 2341
Two scenarios, as the situation is complicated due to the unstable fundamental background and the struggle between the participants in the key zone that divides the plane into bearish and bullish.
I would prioritize a small bounce from 2365, resistance retest, breakout and bullish momentum to 2375-2385.