XAUUSD is moving out of the sideways range downward. The price is testing 2328 within the framework of correction on the background of news. Earlier, the structure of the bull market was broken, which in general can determine the medium-term potential.
“GOLD → Bears win. Downward counter-trend correction ↓”
The price is testing 2328, which is actively defended by sellers on the background of correction and sell-off wave. Yesterday the price of metal gained a little strength on the background of PMI, but the reaction may be already exhausted, it can be seen on the set-up relative to 2328.
The technical downward movement may continue, as the nearest potential target on D1 may be the 2150-2175 area.
Resistance levels: 2328, 2333
Support levels: 2316, 2305, 2267
The fall may continue. I pointed out the reasons for the fall yesterday and it is related to either stopping the rally or profit taking at 2400. The bullish structure is under threat, there is a strong sell-off in the market.
Regards R. Linda!
Сделка активна
False breakdown and retest 2316Сделка активна
Retest 2305. A rebound is forming. If the market returns to 2305, a breakdown with further falling may be formed
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