Yesterday we analyzed the situation from both fundamental and technical points of view. Gold, as we expected, is declining towards the support. The price is heading towards the lower boundary of the trend, from which a small correction to the resistance may follow. If the fundamental background (
Technically, now we expect a correction from the 2023-2020 area to one of the nearest resistances. BUT, if the channel support is broken and the price forms a consolidation below 2023-2020, the decline will start without a pullback, the target in this case will be the area of 2015, 2010, 2000.
Support levels: 2030, 2015
Resistance levels: 2039, 2049
The price may continue to be inside the descending channel, having formed a bounce from support to resistance. Technically and fundamentally, the price is preparing for a decline.
Regards R. Linda!
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