GOLD → Countertrend correction or consolidation before a fall ↓

2024年7月1日

XAUUSD has been updating the local minimum since the opening of the session and confirms the bearish nature of the market. The price is heading towards the area of interest and liquidity before a possible decline



Today the focus is on the news: S&P PMI, ISM. Traders are expecting relatively warm data, but, at the moment, everything revolves around the perception of inflation news regarding the inflation itself in the Fed's further view on monetary policy. High volatility is possible.
Technically, on D1 gold is trading in bearish territory and at the moment, after updating the local low, the price is heading towards the liquidity zone, from which the sell-offs may increase. There is a possibility that before further decline the price may go deeper, for example, to test the imbalance area, as well as the previously broken channel boundary (liquidity capture).

Resistance levels: 2332, 2341, 2346
Support levels: 2325, 2315, 2306

It is possible that the situation may change, as traders are overreacting to inflation-related news, but at the moment, on the high timeframe is formed exclusively bearish setup on the negative fundamental background.

Regards R. Linda!

2024年7月1日

交易進行

A bounce from 2340 is forming

2024年7月1日

交易進行

The rebound from the mentioned resistance zone brought us +210 pips.
The situation is still relevant...

2024年7月1日

交易進行