GOLD - Negative fundamentals are bad for the price

29 jun 2023XAUUSD forms a new local low and then makes a retest. The bearish scenario continues, which tells us that gold will continue to red, unless, of course, the fundamental backdrop takes the opposite direction.

The phase of realization of the accumulated potential is forming.
When the support of the 1939 range is broken, there is a new downtrend in a channel format. On the chart we see the downtrend range, the price clearly observes the limits and on Wednesday it forms a new local low of 1902. On Thursday we see the return of the price to the retest of the support. Hence, there is a possibility of a breakout of 1902 and further declines.
Either the bears are strong or the fundamental background is influencing the bulls.
The moving averages are showing a strong downtrend.



Support levels: 1902, 1895
Resistance levels: 1912, channel resistance, 1928, SMA200
Since the chart gives us plenty of bearish suggestion, I will continue to hold the view that price will continue to fall. Pay attention to D1, price is only in the middle of the range, the target could be support 1800

Regards, R. Linda!

29 jun 2023

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all strictly according to the script!

Movement towards 1895
false break
rebound from 1895
rise to 1912