GOLD → Character changes, bearish premise emerges

GOLD updates the low and tests trend support, testing the market and traders' nerves. The dollar is rebounding, putting pressure on the metal.



Gold is moving into a correction, gradually changing the bullish nature of the market to bearish under selling pressure due to growing demand for the dollar amid fears of a trade war over Trump's policies.
The issue of tariffs by the US is still open. Meanwhile, traders' attention is focused on data on durable goods orders and consumer confidence in the US, as well as the Fed meeting, the outcome of which will be announced on Wednesday.
Technically, after breaking the bullish structure, the price is testing the channel support. It is quite difficult to break this line from the first time and the price may form a correction to 2745, or to the imbalance zone, for example, to 2750- 2760 Fibo, before the market desire to sell resumes.

Resistance levels: 2745, 2751, 2760
Support levels: 2735 (trigger), 2717

If 2745 does not miss price and gold returns to 2735, then we should prepare for a break of trend support. In that case, an impulse to 2717 could form.
But, if 2745 does not hold the price, gold may test 2750 - 2760 before falling further.

Regards R. Linda!