Long

GOLD → Fading out before the news. Possible long-squeeze

continues its bullish trend, but locally, the movement is in a very narrow channel (wedge). To form a potential for further movement, the price may form a long-squeeze before or at the time of news...

GOLD → Consolidation ahead of Fed rate meeting...

Fundamentally, gold remains a bullish asset due to the Fed's rate cut forecasts and economic risks associated with Trump's tariff policy. Gold hit a new high on Wednesday after the Fed reiterated plans to cut rates twice this year, raised its inflation forecast and worsened growth and employment estimates.The price is further supported by escalating geopolitical tensions in the Middle East, with Israel announcing the resumption of ground operations in Gaza.
Gold is forming a bull market. Before further growth (before the news) the price may enter the liquidity zone (fvg, 3028, 3024), after which it will continue to grow. Dollar enters local correction before the news, which creates pressure on gold

Resistance levels: 3046, 3051, 3056
Support levels: 3038, 3030, 3024

Price is forming a retest of the wedge support, which increases the chances of a breakdown. If the support fails to hold, the price may go down to the above support before rising further.
But! If gold bounces from 3038 and consolidates above 3044, the growth will continue without a deep pullback

Regards R. Linda!

RLinda

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