🥇 GOLD - The 2040 level plays an important role

Gold does not update the minimum and maximum, forming consolidation, as the market is now undecided with the further direction. For the whole week, important news is published today, which the market is waiting for. Regarding the consolidation, we have 2 scenarios.

Because of the impending news, there are several scenarios:

1) 2040 resistance plays a key role
2) If the level is broken on the news, a price consolidation above the level will provide an entry point for a rise
3) But, if the news is bad for gold, a false breakdown could form
4) Local trend is bearish, global trend is bullish