GOLD → Breakthrough of the global trend support. 1800?

25 Jun 2023

XAUUSD last week motivated us to keep a close eye on the trend support and the Triangle Beak pattern. A break of the support breaks the base of the trend, but there is still no confirmation, we only see the primary phase. What to expect from the price?

A breakout of the trend base forms quite a strong bearish momentum. Earlier, the broken level was also tested, but the false-break format did not give any result, Price is closing in the red zone on the daily and weekly timeframe.
If the bears can hold below 1939, 1925 or even below 1907, they have an excellent corridor to move down towards the 1800 area.
Pay attention to the 1907 - 1808 range. We have a void on volume and with the support levels, price could "fly" down.
There is a lot of important news coming out this coming week, it is worth keeping an eye on the press releases and considering the news in your trading:



I expect bearish scenarios to develop in the coming week. Preliminarily, the Fed is not going to cut rates, they will either hold or increase. There is a crisis in the countries against the background of geopolitical reasons; there are quite a lot of disputable nuances related to inflation in the West. In general, we have a rather complicated situation. Analysts shout about the U.S. recession, it is possible that the price of gold will go down deliberately, but again, everything is just a rumor.

Regards R. Linda!

25 Jun 2023

Catatan