GOLD → Retest of trend support before the NEWS

21 Feb

XAUUSD is forming a false breakdown of the lower boundary of consolidation and support of the uptrend within the correction. Traders are waiting for S&P Global PMI indices in the US.

The gold price has rolled back from the record $2,955, but still retains chances for growth continuation. The decline is due to profit taking as traders prepare for the release of the S&P Global PMI indices in the US.
The PMI data may affect the expectations for the Fed to cut interest rates. Nevertheless, a possible price drop on the back of strong PMI data could be short-lived if Trump's new tariff plans reignite demand for safe-haven assets.
While gold may continue to correct, any drawdowns are likely to be seen as a near-term buying opportunity

Resistance levels: 2933, 2939, 2946, 2955
Support levels: 2924, trend support

A false breakdown of the uptrend support is forming. If the bulls hold their defenses above the key area, gold may continue its rise in the short to medium term. But, the short-term outlook depends on the news

Regards R. Linda!

22 Feb

Trade aktif

Bulls managed to keep the price in the buying zone after a false breakdown
The first target has been reached