GOLD → The bears are gaining weight. Resistance retest

2 dic

XAUUSD is declining after a false break of the resistance of the range. The fundamental background is mixed and does not yet allow to form a clear medium and long term strategy, BUT! ...



Trump's policies create new risks. Before taking office, he has already signaled the growth of tariffs for the whole world (Canada, Mexico, Europe, China, BRICS countries). The growth of geopolitical risks also affects the price of metal. On the background of the dollar growth and expected reduction of interest rates by the Fed, gold is declining and confirms the bearish structure of the market. The markets' attention is focused on the ISM manufacturing PMI index in the US. Data from the US
Technically, the price is breaking the ascending support line as well as the 2636 zone, indicating a dominant bearish sentiment. A correction is forming and we should pay attention to the key resistance, liquidity and imbalance zones

Resistance Levels: 2636, 0.5-0.7 Fibo, 2650
Support levels: 2622, 2618, 2605

A retest of the previously broken structure and zone of interest is forming. False breakout of 0.5-0.7 fibo (retest) can provoke active selling on the background of the newly growing dollar. But, globally, gold is still in a sideways range without a clear trend direction...

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

2 dic

Operación activa

A retest of 0.7 fibo and rising support line ends in a false breakout.