GOLD (Got it, still running toward 2302)

Risk markets are poised to advance in early trading, following a slightly positive performance in both the US and Asia. The Volatility Index ( VIX ) has reached a near three-week low, experiencing a reduction of nearly one-third from its multi-month peak on Friday the 19th. Currently, the Israel-Iran crisis is not a predominant focus in market headlines or sentiment, which is bolstering risk assets. Meanwhile, gold prices continue to decline modestly.

Looking ahead, the forthcoming Federal Open Market Committee (FOMC) decision and Chairman Powell’s press conference, along with Friday’s U.S. Jobs Report (Non-Farm Payrolls), are expected to incite volatility and potentially alter risk sentiment. However, for the moment, risk markets are inclined to edge higher.


Technically:
The price of gold has recently experienced a decline, aligning precisely with our projected target. Currently, it continues on its trajectory toward the final support level of 2302.

We anticipate a period of consolidation within the range of 2327 to 2302. It is noteworthy that as long as the price remains below 2327, it will reach 2302.

Any breach below the 2302 level will reinforce the bearish trend, potentially leading to gradual declines to 2278 and ultimately to 2260.

Pivot Price: 2319
Resistance Levels: 2327, 2342, 2357
Support Levels: 2302, 2278, 2260

Today's anticipated trading range is between the support level at 2278 and the resistance level at 2342.

previous idea:

Comment:

dropped about more than 320 pip