Some days ago price declined to the 2015 support level, but at once rebounded and made a strong impulse to the trend line, breaking the resistance level, which coincided with the 2055 resistance zone. But after this movement, Gold turned around and in a short time declined to the 2055 level and soon broke it, after which it made a retest and then fell to the support level, which coincided with the support zone. After this movement, XAU at once rebounded from the 2015 level and rose to the resistance level, but it didn't fixed and soon declined back to the support level and even later fell lower. Next, the price some time traded near the support level, after which it made an impulse up to the resistance zone, thereby breaking the trend line, and soon turned around and in a short time declined back, making a fake breakout of the 2055 level. Not long ago XAU rebounded up from the support level and broke the trend line one more time, made a retest and then continues to trades near the trendline. For me I think Gold will correct below the trendline and then rebound up higher. That's why I set my target at the 2040 level.
📊QUICK FUNDAMENTAL LOOK
Gold was subdued around $2,020 an ounce on Monday as most markets in the Asia Pacific region were closed for holidays, including China, Hong Kong, Japan, South Korea and Singapore. Investors also cautiously awaited key US inflation data that could influence the outlook for interest rates. On Friday, the metal failed to gain ground even as revised US figures revealed a smaller increase in the CPI for December.
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