GOLD → Pressure from the bears. Why are we falling?

vor 5 Tagen

XAUUSD does not react to strong support levels. The bulls, despite the positive background for them, could not keep the defense above the key structure. Weak structure on the D1 timeframe.



A complex structure is forming on the D1 indicating that the uptrend support is under pressure. That is, if this area is broken, there could be momentum in the market through capitulation. Fundamentally, the market is not reacting to the escalated situation in the middle east and eastern Europe, accepting what is happening at the moment. China has promised increased financial support for the economy and this could attract new capital into the gold market.
Markets are likely to trade cautiously as they prepare for a series of labor market data from the US later this week.

Resistance levels: 2637, 2648, 2664
Support levels: 2615, 2606, 2600

Technically, the price is inside the local ascending channel, but in the selling zone. Due to bearish pressure, the price may head down and test the 2600 area. But where to go from here? The reaction to the 2600 area after the retest will tell us.

Regards R. Linda!