GOLD → The fight for 2365. Can we get to 2400?

RLinda Updated   
FX:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD 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.

  1. 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.

  2. 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.

Regards R. Linda!
- Fed has made significant progress in bringing inflation down to target 2%, latest monthly readings show modest further progress

- Fed needs more favorable inflation data to cut rates
- rate hike unlikely to be the next step
Trade active:
Emphasis on this area.
Example 1) If there is a rebound and a return to 2365, then the first scenario can be further considered.

Example 2) If we break the channel support, the price may spill down to 2325.
Trade active:
That's the most likely scenario at this point
Powell says holding rates high for too long could jeopardize U.S. economic growth
Trade active:



You❗️CAN and ❗️SHOULD make money in trading!

Join me, I'll guide you to PROFITABLE TRADING💵!

🟢Free Telegram Channel:


🧿Web: rlinda.com

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.