GOLD → The market is ready to continue its decline

13 Agu 2023

XAUUSD 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:
15.08

• 1) Core Retail Sales (no data, the previous ones were bearish)
  
• 2) Retail Sales (expected to strengthen)
  

16.08

• 1) CPI (expected to decline)
  
• 2) FOMC Meeting Minutes
  

17.08

• 1) Initial Jobless Claims (no data, previous ones were bearish)
  
• 2) Fed MI
  

In general, bad indicators for the dollar may strengthen the interest in gold, but again, we should not forget that news is a complex trading instrument.

From a technical analysis perspective, gold is approaching the strong 1902-1900 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.

Support levels: 1912, 1902, 1900
Resistance levels: 1915, 1920, 1935
Gold continues to decline, and most likely, from the opening of the new week the price may continue to fall, but in the second half there may be a rebound and local contrend strengthening.

Regards R. Linda!