XAUUSD: Continues decline below 2175 descending channel boundary
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Overall, XAUUSD continues to await a correction within the expected downtrend channel. Currently, the price remains below the support level of $2175 USD, trading at $2159 USD at the moment, after reaching $2172 USD, marking a 0.13% decline for the day. So, what factors could continue to push the price of gold down?
Regarding the impacting factors: The gold market is perhaps seeking clearer guidance on the Fed's interest rate cut path before making new bets. However, currently checking the DXY, it is adjusting in an upward trend, and gold's continued decline is normal.
Regarding new prospects for XAUUSD: On the 1-hour chart, the price has retested the resistance level of $2175 USD within the descending channel and the market is facing pressure from this resistance level. The fundamental analysis suggests that the price may continue to decline from the channel boundary. Meanwhile, gold is strongly supported around $2155 USD, breaking below this level could lead to a significant drop, while maintaining it would result in a minor correction with the possibility of forming a bearish trend. The price is expected to continue its decline as there is no reason for the market to grow.
Overall, XAUUSD continues to await a correction within the expected downtrend channel. Currently, the price remains below the support level of $2175 USD, trading at $2159 USD at the moment, after reaching $2172 USD, marking a 0.13% decline for the day. So, what factors could continue to push the price of gold down?
Regarding the impacting factors: The gold market is perhaps seeking clearer guidance on the Fed's interest rate cut path before making new bets. However, currently checking the DXY, it is adjusting in an upward trend, and gold's continued decline is normal.
Regarding new prospects for XAUUSD: On the 1-hour chart, the price has retested the resistance level of $2175 USD within the descending channel and the market is facing pressure from this resistance level. The fundamental analysis suggests that the price may continue to decline from the channel boundary. Meanwhile, gold is strongly supported around $2155 USD, breaking below this level could lead to a significant drop, while maintaining it would result in a minor correction with the possibility of forming a bearish trend. The price is expected to continue its decline as there is no reason for the market to grow.
Comment:
Gold has pushed down to the 2155 USD support area several times, however, with selling pressure from above the descending channel, sellers may react (break the 2155 support level) to sell off and decrease further.
Comment:
We are waiting for the price to decrease and you can sell Gold around the area: 2155_ 2158
SL: 2160
TP1: 2154-2148
TP2: 2144
Be sure to wait for a support breakout and a consolidation correction below this level before selling gold.
SL: 2160
TP1: 2154-2148
TP2: 2144
Be sure to wait for a support breakout and a consolidation correction below this level before selling gold.
Comment:
We are not 100% sure, but the market is proving it, I believe in the market trend.
Trade active
Comment:
Gold price hovers around $2,155 during the early Asian trading hours on Monday. The downtick of yellow metal is backed by US February stronger-than-expected inflation data, which might delay the interest rate cuts by the Federal Reserve.
Comment:
+70 pip, move sl to entry .
Comment:
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