GOLD → Break of the support of consolidation. Next is 2300?

29. Mai

XAUUSD is still bearish. The price is trying to leave the corrective range, which is formed after the false breakdown of support. The market is preparing to go lower.

On the 1H timeframe it is becoming clear who is showing dominance in the market. There is no strong buy yet, apparently, before the GDP and PCE publication on Thursday and Friday, no one dares to enter the market early. (Presumably, the dollar may get another dose of support, which could weaken gold even more). I think that in the short term the price may retest 2335.

Resistance levels: 2354, 2364
Support levels: 2335, 2328, 2306

Consolidation of the price below the previously broken local uptrend support (dotted line), will be a confirmation of the market's intention to go down. A quick retest of 2335 may lead to a break of support and further fall to 2300

Regards R. Linda!

29. Mai

Trade ist aktiv

A support retest and rebound is forming. Accordingly, the first part of the scenario works perfectly!

29. Mai

Anmerkung

There is no strong pullback after a false breakdown of support. The price starts sawing the level.
Closing below the level followed by consolidation under it will be an ideal signal for a decline

30. Mai

Anmerkung

Retest 2328