The fundamental and technical background for gold is negative at the moment. A possible area of interest for the market may be the area of 2305 - 2280. Accordingly, based on the general data, we can assume that a retest of the resistance area 2328-2336 may end in a false breakdown with a subsequent decline to the targets indicated on the chart. There is a possibility of price entry into the range and an attempt to rise to 2354, but in general, it will be regarded as an attempt to gather a more liquid position before reaching a global and promising target.
Let me remind you that globally we have a bullish trend, within which a local bearish trend is forming.
Resistance levels: 2328, 2336, 2354
Support levels: 2306, 2285
It is worth to keep an eye on the mentioned resistance areas. False breakdown followed by price consolidation below the mentioned zone will be a confirmation of bears' readiness to go down.
Regards R. Linda!
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