Gold has been declining since the opening of the trading session. The market continues to form a sideways flat. Purchases after strong sell-offs bring the price only to the retest of the strong resistance area, after which the metal weakens again
On the chart we see the current set-up – flat. The price is declining after the resistance retest and breaks through the local support at 1922.4. The price fixing below this area will form a signal for selling. In this case, I expect that the price may reach 1915 in the short term and 1900 in the medium term. The fundamental background of gold is weak, but technically the price feels quite confident against the background of what is happening, most likely the reason for this is the huge interest from the world’s major central banks. As soon as gold gets a little bullish potential from the fundamentals, it will give a huge jump up, but it is too early to tell. The moving averages indicate that a consolidation is forming.
Support levels: 1915, 1902
Resistance levels: 1922, 1928
I expect the continuation of the decline on the background of technical and fundamental analysis. Market Maker is interested in lower liquidity areas
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Regards R. Linda! Comment:
