GOLD 5/6 fights fiercely around the price of 2300
World gold prices fell for the second consecutive week with the closing price just slightly above the threshold of 2,300 USD at the end of last week. Set in the context of relatively conservative fluctuations after important news, notably the Fed's monetary policy statement in mid-week and US employment data released on Friday.
Last week was fundamentally rich, but the market reaction is weak, sellers are actively selling out any buying activity.. A pre-crash setup is forming around 2285 and if it is not broken the correction will last until 2230 (2195). A signal of continued decline would be a fixation of the price level below 2285. However, with active participation of buyers, possibly due to fundamental and geopolitical reasons, the market could break out structure: Break of resistance and consolidation of price above 2360. This means the end of the correction with the continuation of growth and the formation of the fifth wave, which targets the break of resistance old around 2434 and create a new peak.
Support: 2305- 2295- 2284 - 2277 - 2259 - 2240
Resistance: 2315 - 2321 - 2325 - 2335 - 2340 - 2346
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