Gold→ Cause of decline. Can gold fall even lower? 2265
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Traders! Gold is making new lows and there are a number of reasons for that. Price after Friday's sell-off is returning to the downtrend boundary, which determines our medium-term outlook.
So why is gold falling? The market is negatively affected by the strengthening of the dollar, due to positive Nonfarm Payrolls for the US market, which usually shapes the medium-term mood for the market. Traders also turned bearish on news regarding China's Central Bank suspending global gold purchases.
Technically, it is very likely that the downtrend on H1 will continue.
Resistance levels: 2300,2315
Support levels: 2291, 2267
I expect local strengthening ahead of the next decline. Traders may attempt to buy back some of the decline (collect liquidity) before further testing support with a view to a breakout.
So why is gold falling? The market is negatively affected by the strengthening of the dollar, due to positive Nonfarm Payrolls for the US market, which usually shapes the medium-term mood for the market. Traders also turned bearish on news regarding China's Central Bank suspending global gold purchases.
Technically, it is very likely that the downtrend on H1 will continue.
Resistance levels: 2300,2315
Support levels: 2291, 2267
I expect local strengthening ahead of the next decline. Traders may attempt to buy back some of the decline (collect liquidity) before further testing support with a view to a breakout.
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