GOLD → Market confirms downtrend

אתמול

XAUUSD is testing resistance of a key descending channel. Bears continue to resist based on important fundamental aspects of the global economy



Fears of further geopolitical escalation between Russia and Ukraine are likely to subside a bit. In addition, the Fed speech will help determine the U.S. central bank's future path on interest rates. Attention is focused on the December rate meeting....
Technically, the gold confirms the downtrend channel, so we have a key trend to follow in our trading decisions.
A false breakdown of the local resistance at 2627 is forming. Consolidation of the price below this zone may provoke further decline

Resistance levels: 2627, 2643
Support levels: 2694, 2560

Another resistance retest is possible. It will be possible to talk about buying after the price will be able to break 2643 and consolidate above this zone (additional scenario). But in priority I consider further decline from 2627 or from the channel resistance

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!