The gold price has reached its previous resistance zone and is currently trading sideways on the 1H timeframe. Given this development, it's likely that the price action will form a triangle pattern, which is a trend continuation pattern. With no high-impact news on the horizon now, I expect the market to continue consolidating until New York session. If the market moves down to the support levels, I anticipate a bounce off the upward trendline and the support zone between 2390-2400. This could potentially trigger a bullish move tomorrow if the price action confirms a buy signal. My goal is resistance zone at 2440.
📊QUICK FUNDAMENTAL LOOK
Gold prices dipped on Monday as the dollar held firm, while investors awaited comments from Federal Reserve officials and economic data for further cues on U.S. interest rate trajectory. Spot gold eased 0.1% at $2,409.54 per ounce, as of 0250 GMT. U.S. gold futures fell 0.2% at $2,414.70.
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