GOLD → Correction for liquidity. Should we wait for the fall?

3 ביוני 2024

XAUUSD has been updating the low to 2314 since the opening of the session and is forming a correction within which it is testing the previously broken consolidation support. The fall may continue from the liquidity area.



The fundamental and technical background for gold is negative at the moment. A possible area of interest for the market may be the area of 2305 - 2280. Accordingly, based on the general data, we can assume that a retest of the resistance area 2328-2336 may end in a false breakdown with a subsequent decline to the targets indicated on the chart. There is a possibility of price entry into the range and an attempt to rise to 2354, but in general, it will be regarded as an attempt to gather a more liquid position before reaching a global and promising target.
Let me remind you that globally we have a bullish trend, within which a local bearish trend is forming.



Resistance levels: 2328, 2336, 2354
Support levels: 2306, 2285

It is worth to keep an eye on the mentioned resistance areas. False breakdown followed by price consolidation below the mentioned zone will be a confirmation of bears' readiness to go down.

Regards R. Linda!