GOLD → The news will determine the medium-term outlook

30 Mei

XAUUSD is updating the low and forming a false break of support. Fundamental and technical background is negative. A quick retest of 2328 may lead to a fall, but there is NEWS ahead!



Before the news, gold goes into a local flat 2360 - 2330. The market is gathering potential and liquidity before the news. GDP and Initial Jobless Claims are ahead. This time traders expect an extremely low GDP: 1.6% This is generally negative for the US market, in general this figure is logical based on general market indicators, but traders pay attention to the actual data. It is also worth paying attention to Initial Jobless Claims.
Technically, under the current circumstances, a decline is possible after a retest of resistance. But, if the news is contradictory, the price may break the resistance, consolidate above 0.236 Fibo and head towards 0.618 (25-30% probability).

Resistance levels: 2343, 2347, 2354
Support levels: 2335, 2328, 2306

The gold market is dominated by bears on the background of general economic conditions. Globally, the trend is still bearish and a correction is forming within it. Today is a purely fundamental day and you should not get into the market before the news.

Regards R. Linda!