GOLD → Tense fundamental environment and retest of 3025

is forming a correction within the descending channel. The situation is becoming complex and confusing. The focus is on the channel resistance and on the support at 3004.9. Further price movement depends on the fundamental data...

The problem is the uncertainty around the US tariff policy and the outcome of talks between Russia and the US on ceasefire in Ukraine.
The market is focused on US consumer confidence data and comments from Fed officials. The rise in the dollar, supported by Bostic's hawkish statements and strong PMIs, is pressuring gold, but the lack of clarity on tariffs and geopolitical tensions are limiting its further decline
Technically, the situation is simple in that it all depends on the resistance of the current channel. A break and consolidation above 3025 will trigger growth. A false break of the channel resistance will provoke a continuation of the decline both to 3004 and to 2980.

Resistance levels: 3024.6, 3038, 3056
Support levels: 3004.9, 2987, 2981

Based on the difficult fundamental environment, which is far from any positive decisions, the tensions in the Middle East, and the tariff war, I can conclude that gold will try to strengthen once again, as we have technical support: a strong bullish trend, a strong 3004 level, and a cascade of locally rising lows.
A failed breakdown will be false and in this case, a price consolidation under 3017 will trigger a fall to 3004.

Regards R. Linda!

Trade active

The breakout of the channel resistance took place. The first target has been reached

PS:
If gold holds above 3025 - 3030, the next impulse will mean the end of the correction.

RLinda

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