GOLD → Correction before a possible fall

XAUUSD is moving into the correction phase amid last week's economic data. The price is returning to the channel and in general confirms the bearish character on the market.



Markets are ready for a 0.25% interest rate cut, but traders are waiting for hints on the Fed's stance: whether the Fed will continue to cut rates, go into a wait-and-see mode, or hint at a rate hike based on last week's economic data. Traders are eagerly awaiting the Fed's decision, which will be announced on December 18. The gold price is also receiving support from renewed tensions in the Middle East and political turmoil in South Korea.
Technically, after the false breakout of 2721 a deep correction is forging, which generally develops into a localized downtrend. The price is approaching the panic zone 2615-2600. At the Asian session a correction is forming and it is worth paying attention to the key resistance zones

Resistance levels: 2667, 2675, 2685
Support levels: 2646, 2633

The price is heading towards the imbalance zone within the correction. A quick approach and retest of resistance could trigger a rebound. Traders may enter the phase of profit taking before strong news

Regards R. Linda!