GOLD → Retest of resistance before further decline

XAUUSD continues to trade within the counter-trend correction channel. Another resistance retest is being formed, and the market is under pressure from the resistance.

Gold has a neutral-negative fundamental background due to a wave of positive news in the US market. The dollar is strengthening a bit, which generally forms a resistance pressure on the gold. At the same time GOLD-ETF sell-offs continue. Technically, on H1 the price is testing the resistance of the descending channel, the fundamental background is negative and most likely, the decline may continue from the upper boundary of the channel. The market maker may form a false breakdown of resistance before further decline.

Resistance levels: 2175
Support levels: 2144, 2125

There are no reasons for growth continuation. Funamental and technical factors indicate a high probability of further decline. There is no news today, the market should be more or less calm.

GC1! MGC1! GOLD DXY

Regards R. Linda!

Trade active:

A rebound or a breakthrough?