GOLD → Correction. Liquidity is the target. News aheadFX:XAUUSD on the background of yesterday's news reaches the target of 3166 and enters the phase of deep correction on the background of profit-taking. The level of economic risks is still high
Despite the pullback, the gold price retains much of its recent record high, thanks to rising risks of a global trade war and a US recession.
Gold corrects from record $3,168 but remains strong amid trade and recession risks. The correction is due to the following nuances: Profit taking ahead of key US jobs data. Waiting for jobless claims and services PMI.
But, Trump's new tariffs, a weaker dollar and lower bond yields are driving gold buying.
Resistance levels: 3116, 3135
Support levels: 3107, 3097
Against the background of high economic risks, falling dollar index, gold still has chances to continue its growth. False breakdown of support may give such a chance.
Regards R. Linda!
