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R.Linda Trading - forecast

GOLD → Bears win. Downward counter-trend correction ↓

2024-04-23 10:05 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Bears win. Downward counter-trend correction ↓

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GOLD is entering the correction phase. Earlier, based on technical and candlestick nuances on D1, I warned about the approaching decline. Gold is eliminating buyers and apparently heading towards 2267, 2228

On H1 the price is forming a bearish momentum, since the opening of the session on Tuesday, the price has overcome a 1.8% retracement. The reasons for the fall may be both profit taking in the 2400 zone, after which the market maker changed the course to liquidate traders and balance the market (I remind - at the moment the imbalance is in favor of buyers), and the correction after a strong rally, the price is heading downward in order to find strong support zones and form a market bottom.

Resistance levels: 2300, 2305, 2328

Support levels: 2267, 2250, 2228

Today traders are waiting for PMI. Positive data for the dollar will only strengthen the fall of gold, but the negative PMI will weaken the strong fall. But, in general, at the moment, the medium-term course of the metal is clear to everyone.

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