XAUUSD IDEA
GOLD continues to form a descending price channel. On Thursday a candlestick pattern is formed indicating the imbalance of forces in favor of sellers
This week is published quite a lot of interesting news. It is worth paying attention to:
• 1) Core Retail Sales (no data, the previous ones were bearish)
• 2) Retail Sales (expected to strengthen)
• 3) CPI (expected to decline)
• 4) FOMC Meeting Minutes
• 5) Initial Jobless Claims (no data, previous ones were bearish)
• 6) Fed MI
From a technical analysis perspective, gold is approaching the strong 1903-1900 liquidity area.
Last week's session is closing very close to local lows, which can be interpreted as the market's willingness to continue to gain momentum for further declines. A strong bearish trend dominates the market.
Local support: 1912.5, if this line is broken, an impulse to 1900 is possible, but a rebound should be expected from the mentioned support, most likely a rebound may follow during the news.
This week is published quite a lot of interesting news. It is worth paying attention to:
• 1) Core Retail Sales (no data, the previous ones were bearish)
• 2) Retail Sales (expected to strengthen)
• 3) CPI (expected to decline)
• 4) FOMC Meeting Minutes
• 5) Initial Jobless Claims (no data, previous ones were bearish)
• 6) Fed MI
From a technical analysis perspective, gold is approaching the strong 1903-1900 liquidity area.
Last week's session is closing very close to local lows, which can be interpreted as the market's willingness to continue to gain momentum for further declines. A strong bearish trend dominates the market.
Local support: 1912.5, if this line is broken, an impulse to 1900 is possible, but a rebound should be expected from the mentioned support, most likely a rebound may follow during the news.
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