GOLD → False breakdown and pullback before the fall

28 Feb

XAUUSD is updating lows within the framework of the changed local trend. The price is testing the liquidity zone of 2852. Possible rebound before further decline



Gold traded near two-week lows below $2,900 in Asian markets on Friday, breaking an eight-week run of gains. The metal is being pressured by a strengthening U.S. dollar amid Trump's new tariff threats and the U.S. economy.
Trump confirmed 25% tariffs on Mexican and Canadian goods from March 4 and an additional 10% on Chinese imports. Weak US GDP data (2.3% in Q4) and rising jobless claims also support the dollar.
Traders are waiting for the PCE core price index data to gauge the Fed rate outlook and the impact on gold

Resistance levels: 2869, 2877, 2885
Support levels: 2852, 2834

A false break of 2852 could trigger a pullback to the imbalance zone (2869-2877) or to the liquidity zone (2885) before a further decline. Fundamental and technical background is weak, gold may try to renew the low.

Regards R. Linda!

28 Feb

Dagangan aktif

Gold is not even reaching local zones of interest.
Strong resistance is forming in the 2865 zone, slightly below the key 0.5 fibo, which generally indicates aggressive sell-offs that could lead to further strong declines