Gold is entering the correction phase after a false Breakdown of trend Resistance and the previous ATH. The fundamental background is changed by Thursday’s news that supported the dollar
Overall, the environment on D1 is still bullish. If the price finds a strong support in the near future, for example, 2390-2400, this area may get the status of an intermediate bottom, thus forming a new trading range.
There is no news today, thus the fundamental background remains the same. Trading has been complicated lately by the presidential race in the USA. The statements of Powell, the politically dependent Fed, and Trump can be perceived by traders quite strongly. But the medium-term outlook is determined by the fact that politicians are generally set to lower the dollar, which is usually favorable for gold, which may soon return to the bullish trend phase (locally)
Resistance levels: 2420, 2429, 2450
Support levels: trend, 2402, 2390
Technically, the price may continue the correction to trend support, but due to the pool of liquidity in the area where the price may land within the correction, gold may get a reaction in the form of a bounce to the nearest resistance