GOLD → The bears are taking the gold to the den

17 Agu 2023

XAUUSD amid numerous resistance retests is not yet able to break it. Fundamental data is still on the side of the dollar. The gold price continues to fall and update the lows

The price bounces off the channel resistance and falls, testing 1890. A false breakout is formed against the mentioned support and the price starts a local rebound. Most likely, gold may test 1900 in the near future before falling further. There is still a strong bearish trend in the market.
Yesterday's fundamental data is positive for USD. As the dollar index strengthens, we see the gold price falling. In the medium term, we should expect the metal price to continue falling.



Support levels: 1890
Resistance levels: 1900
I expect a retest of the resistance area before a further fall.

Regards R. Linda!