GOLD → Buyers stop believing in gold ... Are the bears coming?

Nov 11

XAUUSD after Powell's support reaches a local high of 2710, but buyers do not let the price near the risk zone. The price is returning to the correction phase and preparing to update the local lows



The correction started after the strengthening of interest in the dollar, which is growing at the expense of gold because of Trump's victory. The excitement has not subsided yet, it may continue for a few weeks. The 0.25% cut in interest rates was slightly taken into account by the market, but still supported the metal, but short-term. The market is also disappointed with China, especially with the actions of the authorities towards the country's economy. In general, the fundamental background is negative and it is worth considering this information in your trading. Ahead of the US CPI, which will be published on Wednesday.
Technically, the price is turning around and intends to test the liquidity zones located at the bottom...

Resistance levels: 2680, 2685, 2700
Support levels: 2665, 2652, 2637

Emphasis on 2665. A pre-breakdown consolidation is forming. If the price breaks this support, selling may intensify. I do not exclude one more attempt to retest the resistance, for example 2680-2685 before further falling. In general, both fundamentally and technically, the market feels the priority towards the bears...

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

Nov 11

Trade closed: target reached

Quickly)

Nov 11

Note

2620 - DONE!