Gold closed last week in the plus side despite
the negative fundamental backdrop, but the
focus is on the consolidation that the price is in.
Previous patterns indicate that consolidation,
amid a bear market, could be followed by
buyers liquidation,
Relevant, gold is closing in a pat range of 2340-
2325. . The market doesn't know where to move
yet. So the big question is: where will the price
go on Monday?
The general background is bearish,
accordingly, the pressure from sellers
continues. Technically:
If the 2340 resistance is broken, the price will
head towards the descending channel
resistance.
BUT, if the support is broken, the new trading
week may start with a decline towards 2300.