XAUUSD is going into consolidation after strong growth on the back of dollar correction. The metal may test deeper support areas before attempting a new high
Gold is correcting, but remains in an uptrend
The decline in quotations may be seen as a buying opportunity, given the economic uncertainty due to Trump's tariffs and expectations of Fed rate cuts.
The Fed reiterated its forecast of two rate cuts in 2025 despite Powell's cautious comments. Gold is further supported by rising inflation risks and geopolitical tensions in the Middle East.
Resistance levels: 3045, 3057
Support levels: 3024, trending, 3004
Reaction to support is weakening, even amid the uptrend. Gold may stay in this consolidation until the middle of next week, or it may try to break out of the consolidation to retest deeper support zones, such as the rising trend line or the 3004 imbalance zone, from which the growth may resume.
Regards R. Linda!
Trade active
A false break of the key support zone 3004.9 is formed (I pointed to this level above).
Gold may strengthen to 3025 - 3040
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🌹TRADING is a CASINO💔!?
NO‼️
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🟢Telegram Channel: t.me/RLindaTrade
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NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.