GOLD → 2319 keeps the market from falling, but for how long?

2 Jul 2024

XAUUSD GOLD is still consolidating within the local range of 2340 - 2320, which is formed after breaking a strong trend line support. The dollar index is still heading northward



Gold is still unable to break downside resistance, as well as forming price consolidation below previously broken support. The key risk zone on which the bulls put so much is 2319-2320. A breakdown and consolidation of the price below this line may trigger a rally to 2290-2275.
All eyes are on Fed Chairman Jerome Powell's speech today at 13:30 GMT
The recent rise in gold prices can be attributed to lower US Treasury yields as traders resort to profit taking ahead of important US events. ISM, FOMC, NFP are ahead, but the fundamental background for gold is still weak and buyers do not believe in upward movement yet.

Resistance levels: 2332, 2341
Support levels: 2319, 2306, 2297

Technically, a bearish pattern is developing on the senior timeframe, unless Powell says something unpredictable today, the general background will remain the same, which will be favorable for further price decline to these areas.

Regards R. Linda!

2 Jul 2024

Dagangan aktif

Another resistance retest leads to a local false breakdown and price fall

2 Jul 2024

Nota

Fundamental background after the news remained the same