GOLD → The bears are moving towards imbalance

6 Ara 2023

XAUUSD continues to update lows, testing new zones, but at the same time, as part of the correction, the price confirms the boundaries of the forming descending price channel.



On D1 it is obvious that the decline in gold will continue, as there is still a huge imbalance at the expense of buyers. At the moment we are interested in the support area of 2022, which may be broken after another retest. In this case the decline will continue to 2009 and then to 1984.
The Dollar Index is forming a correction, but even if the decline starts, gold may not react to the dollar and will continue to move towards its targets.
On the chart we see a bearish channel, a bounce from resistance and another retest of support, the sellers are strong at the moment. At the same time the market is waiting for the news at 13:15 ADP Nonfarm EC, don't miss it, but before the news reduce the risks.

Support levels: 2022, 2010, 2007
Resistance levels: 2035

I expect the continuation of the descending channel formation, in this case, the support may be broken soon and the price will head towards the mentioned target

DXY XAUUSD GC1!

Regards R. Linda!

6 Ara 2023

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