XAUUSD tested the channel border, and it fell from the previous high, forming a fake breakout as well as a range zone. It seems bears are protecting the level above. I think the price may go to a support level because the market overall is moving sideways and we have a big fake breakout of the resistance zone. It bounced off the upward trendline, taking liquidity above. Additionally, the DXY is in a bullish trend. My goal is to support level 2020.576
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Central banks' demand for gold is expected to remain high this year and could offset a slowdown in consumer demand due to elevated gold prices and slowing economic growth, says Louise Street, Senior Markets Analyst at the World Gold Council in a note.
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