TP 2276 on its way drop

the opening of the session asia market and confirms the bearish nature of the market on monday 8th july 2024 The price is completely done eated the liquidity at 2393 the area of interest and liquidity before a possible decline
The news
S&P PMI, ISM. Traders are expecting relatively warm data, but, at the moment, everything revolves around the perception of inflation news regarding the inflation itself in the Fed's further view on monetary policy.

High volatility is possible.

Technically, on D1 gold is trading in bearish territory and at the moment, after updating the local low, the price is heading towards the liquidity zone, from which the sell-offs may increase.

There is a possibility that before further decline the price may go deeper, for example, to test the imbalance area, as well as the previously broken channel boundary (liquidity capture).

Stong support at 2276 confirmed

It is possible that the situation may change, as traders are overreacting to inflation-related news, but at the moment, on the high timeframe is formed exclusively bearish setup on the negative fundamental background

more likely this trade setup will activated now

1st drop 2374
2nd drop 2364
3rd big drop 2276


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