The bears continue to win
Hello dear friends!
XAUUSD continues its corrective trend. Previously, I warned about the approaching decline. Gold is shedding buyers and appears to be heading towards finding a medium-term bottom.
From a technical perspective: The first point of resistance is seen at the previous day's high of $2,334, above which the psychological level of $2,350 will be tested. If Gold sellers regain their poise, the next key demand area will be seen at the previous day's low of $2,291. Consolidation below this level suggests the market is ready for a further correction. .
The important economic information that the market is waiting for this week is the gross domestic product data and the personal consumption expenditure index. Stronger economic data will make the Fed even more certain of its plan to keep interest rates high for a longer period of time. That scenario will cause gold prices to continue to fall. But overall, the medium-term trend of the metal is clear to everyone now.
XAUUSD continues its corrective trend. Previously, I warned about the approaching decline. Gold is shedding buyers and appears to be heading towards finding a medium-term bottom.
From a technical perspective: The first point of resistance is seen at the previous day's high of $2,334, above which the psychological level of $2,350 will be tested. If Gold sellers regain their poise, the next key demand area will be seen at the previous day's low of $2,291. Consolidation below this level suggests the market is ready for a further correction. .
The important economic information that the market is waiting for this week is the gross domestic product data and the personal consumption expenditure index. Stronger economic data will make the Fed even more certain of its plan to keep interest rates high for a longer period of time. That scenario will cause gold prices to continue to fall. But overall, the medium-term trend of the metal is clear to everyone now.
Trade active
Comment:
Gold prices (XAU/USD) struggled to capitalize on the previous day's gains from a two-week low - just below the $2,300 mark - and fluctuated in a tight range heading into the European session. Europe on Wednesday.
Trade active
Comment:
Related Ideas
