GOLD → Price range. Test of resistance before the news

11 juin 2024

XAUUSD is testing trend resistance. The struggle continues, but on the background of strong dollar the price can test the minimum or even update it. The news is coming and the market may go flat.



GOLD is testing the strong resistance area 2304 as well as the pullback level 2314.7, forming a new key resistance within the correction. The technical and fundamental background for gold is negative, in the mid-term we should expect a fall, but tomorrow we are waiting for news such as: CPI, FOMC and FED meeting, where obviously the overall inflation situation and the US interest rate will be discussed.
If we pay attention to D1, we can see that the dollar continues to grow in an uptrend, at tomorrow's speeches, the regulators may continue to support the dollar, which may have a negative impact on gold, which by then may test the liquidity area 2304-2314-2325 before a further possible fall.

Support levels: 2300, 2291, 2267
Resistance levels: 2304, 2314, 2325

Today the market may trade within the range of 2291 - 2325, the prospective direction can be discussed tomorrow (before the news), but within the intra-day I would expect a retest of resistance and a possible decline to support.

Regards R. Linda!

11 juin 2024

Note

Volatility in the market is decreasing

11 juin 2024

Note

False break of resistance 2314