GOLD → Manipulation ahead of a possible rate cut
Updated
XAUUSD is declining after a false breakout of 2658 (0.5 fibo). We can say that this is a manipulation before a possible growth. Technically gold has a neutral trend. The emphasis is on support. Markets continue to consider the possibility that the Fed will lower interest rate by 0.25% on Wednesday. This could spark a bearish rally in the dollar, which would be favorable for gold, which is heading for support. But here we should also take into account the comments of the Fed, which based on economic data is beginning to question its decisions and change into a hawk. The suspension of the rate cut cycle in January may put pressure on the markets, including gold, but this problem is postponed until 2025. Today all eyes are on retail sales.
Technically, gold is flat and heading for strong support....
Resistance levels: 2646, 2658
Support levels: 2633, 2620, 2617
Price is heading towards support before the news. Manipulation before a possible rise? The probability is high :)
We are waiting for support retest, false breakdown and possible growth to the mentioned targets
Regards R. Linda!
Trade active
Retest of the first key level on the background of a strong fall ends with a rebound :)
The target of 2646 is reached.
If the price goes higher and consolidates above 2646, then we can expect growth up to 2658 - 2665.
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