RLinda

GOLD → Correction for the purpose of elimination. Target 2400?

Long
RLinda Updated   
FX:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD is forming a correction from the opening despite the bullish closing of the session on Friday. Fundamental background is calm, technical reaction to the false break of 2387.


Friday's move was formed on relatively positive economic news for gold - higher unemployment in the U.S. reinforces the dollar sell-off as the chance of a possible U.S. interest rate cut rose slightly. This week traders' focus is on CPI and PPI, which will be released on Thursday and Friday.
Technically, there is a buyer's presence in the market. MM, as consolidation and elimination of the buyer forms a correction to the liquidity zone 2364-2355. Possible consolidation or false breakdown before the subsequent growth.

Resistance levels: 2387, 2411
Support levels: 2364, 2355


Today, at 14:00 Powell speaks, it is worth paying attention to his speech. High volatility is possible. In general, the fundamental background is favorable, technically, the bull market is forming a correction to support. Emphasis on the bulls.

Regards R. Linda!
Trade active:
Comment:
False breakout of the key zone I pointed out earlier (2355).
A local impulse of 100 pips is being formed

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