GOLD → Are the bears in doubt? Resistance ahead

kelmarin

XAUUSD strengthens to 2625, jeopardizing the local downtrend. Fundamentally, the situation is complicated, as well as technically...



The metal price is actively influenced by the escalated geopolitical situation between Russia and Ukraine. The market is also watching the Middle East, as despite the reduced news flow, the situation is still tense. In addition, expectations of additional stimulus measures from China also favor the growth of prices for this metal. It is still unclear whether gold will be able to hold on to the bullish momentum as the price is approaching strong resistance and traders are cautious as they await new signals on the Fed's interest rate outlook.
Technically, as the price is still within the boundaries of the local descending channel, it is worth considering selling from strong zones and levels. The situation will change when the price breaks (it is not a fact) the channel resistance...

Resistance levels: 2626, 2643
Support levels: 2604, 2590

Most likely, the market seeks to test the resistance, relative to which a stalemate situation is forming due to the mixed fundamental background.
A false break of 2643-2626 will strengthen the selling and bring us back to the downside. But an unexpected resistance breakout will bring back the buyers' motivation

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

semalam

Dagangan aktif

2643 has held the local uptrend and a primary reaction is forming.
If gold consolidates below 2620, we can expect further declines.
But the return of the price to resistance will make us nervous