GOLD → There is no big buyer in the market. Moving to 2300?

24 May

XAUUSD continues to update lows amid a bearish wave based on fundamental (economic) reasons. The market after a pullback may be willing to continue falling.



On D1 the outlook and situation is in the hands of bears. There is no big buyer on the market, who could turn the market around (not yet). Accordingly, a correction is forming due to liquidity captured by the false breakdown relative to 2335. Within the counter-trend correction, the price may test the density zone of 2354 before further declines. A pre-breakdown consolidation or a quick retest of 2335 will form the potential for further decline.

Resistance levels: 2354, 2374
Support levels: 2335, 2306

False breakdown and stop from 2335 is most likely temporary. Keep an eye on local resistances, a false breakdown could be a motivation for sellers.

Regards R. Linda!