GOLD → Retest 1935. Probable rebound before further decline

5 juin 2023

Gold from the opening session continues to decline and at the moment is testing the upper boundary of the descending channel. Most likely the price is aiming at 1935 for a retest.

I expect a pullback from the support level, since the accumulated liquidity may not allow breaking the support at the first time.
The downtrend resumes and the signal from MA-200 and MA-50 (their crossing) does not bring the result.
The fundamental background for gold is negative, strengthening of the dollar is not good for gold.
Most likely, a pullback might occur from 1935 to retest the resistance, but in the midterm a fall is expected.
MA-200 and MA-50 are currently a strong resistance.

Strong support: 1935, 1914.
Strong resistance: 1952
I expect a bounce after touching the support with further resumption of falling, breaking through 1935 and going down to 1914

Regards R.Linda!