XAUUSD is testing resistance at 3346 and forming a correction, leaving liquidity above the level as the current target. The correction was influenced by the dollar. What can we expect next?
Gold is rising for the fourth day in a row and is approaching $3350, awaiting US PMI data. The dollar remains weak amid geopolitical risks, US-China disputes, and concerns about the US budget. The passage of Trump's tax bill could increase the deficit and pressure on the dollar. Weak PMI data could support gold by heightening expectations of a Fed rate cut
Technically, with the dollar falling, gold has every chance of continuing its rise. But now we are seeing a correction forming. I would say that the relevant areas of interest are 3288 and 0.5 Fibo
Resistance levels: 3346, 3360, 3409
Support levels: 3288, 3275, 3265
As part of the correction, gold may enter a consolidation phase, during which the price will gather liquidity relative to key areas of interest before continuing its growth. A retest and false breakout of 3288 - 3275 is possible before the growth continues.
Best regards, R. Linda!
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