GOLD → Correction before the news. A range is forming

26 Apr

XAUUSD on the background of dollar correction is strengthening to the resistance of the bearish channel, which was formed on the background of sell-offs. Ahead of strong news, on the background of which the price may reach the liquidity zone before further decline.



On the high timeframe, a false breakdown of support is formed, liquidity gathering and after consolidation the price is heading towards the liquidity above. In general, the correction phase is not over yet. A sideways range may form within the price movement, but there is a high probability that the price on the background of CPI news will reach the channel resistance and form a bounce down.
The global trend is bullish, the local trend is bearish. Fundamental background is neutral (for the moment).

Resistance levels: 2344, 2359, 2365
Support levels: 2328, 2305

Buyers and sellers are dividing the price field between them. As gold stops and stabilizes, the price starts to pay attention to the dollar and the news. CPI is ahead which could increase volatility.

Regards R. Linda!