GOLD → Support retest within the triangle before the news...

18 Jun 2024

XAUUSD continues to be under strong pressure from sellers on the back of a strong dollar. The market failed to overcome the 2325 area and is heading for a support retest.



Ahead of the news (Core Retail Sales, Retail Sales), increased volatility is expected. Traders are expecting neutral-bullish data against the US market. If the figures are higher than expected, gold may head lower. The technical and fundamental background for gold is negative, there is no strong buyer in the market yet, the rising dollar does not allow traders to take premature steps.
The focus is on consolidation boundaries, a breakout of one or another boundary or level may trigger strong sell-offs (or buys).

Resistance levels: 2315, 2325, 2340
Support levels: 2305, 2295, 2287

The chart and fundamental background speaks for itself. The news may have a temporary bullish impact on the market, but I don't think it can turn the market around under the current circumstances. The overall bearish background for gold is likely to continue this time around.

Regards R. Linda!

19 Jun 2024

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