GOLD → The bears are quite strong in the market. Falling further

30 Haz 2023

XAUUSD forms another bearish range of 1912-1985. The price is descending in steps in the channel, which indicates a strong dominance of sellers in the market. What do you want to see next?

After the false breakdown of the support 1895, the market tries to buyback the fall and it succeeds. The price makes a retest of the resistance 1912. Another false breakdown is formed, but this time it is resistance.
On the schedule is clearly seen a bearish trend, which coincides on H1, D1 and W1.
The fundamental background is negative. The Fed is discussing a further rate hike, which may strengthen the dollar and weaken gold.
The price is again testing the local support at 1902. If the level is broken through, the price will head towards 1895 and then maybe towards 1890.

Resistance levels: 1910, 1912 and 1924.
Support levels: 1902, 1895
I expect the price will continue falling down against the bearish trend after breaking through 1902 or 1895. Resistance levels are strong enough and will not let the price through.

Regards to R.Linda!