GOLD → Correction against the background of a bearish trend

16 Feb 2024

XAUUSD on Thursday is buying back some of the decline after bouncing off support. The market is under selling pressure and strong ETF selloffs are contributing to the downtrend.



Price is testing strong resistance that was broken on inflation related news. But the fall is being redeemed on the back of lower than expected Initial Jobless Claims, the dollar index seems to be forming a small rebound on the strengthening.
Technically, as gold is forming a correction to resistance, this key resistance could be 2004, 2009. A false breakdown and retest of this area could form the potential for further declines, as the generally negative fundamental background for gold remains.

Resistance levels: 2004, 2009
Support levels: 2000, 1998, 1990, 1986

On the background of correction, the price may test the resistance before further decline, as it is the decline that should be considered at the moment on the background of the downtrend

DXY GOLD GC1! MGC1!

Regards R. Linda!

16 Feb 2024

Nota