GOLD → Consolidation and correction before growth

5 ago

XAUUSD continues to consolidate after a strong rally. The market is returning to a bullish trend, but a correction is possible before growth continues...



Gold is rising amid expectations of Fed policy easing. The market is finding support amid:
a 90.5% probability of a Fed rate cut in September, weak US employment data, and dovish comments from Fed officials.
The market is waiting for news that could determine further movement. ISM Services PMI data: strong figures could temporarily support the dollar, while weak figures could increase pressure on the USD. Questions about the Fed's independence after Trump fired the head of the BLS. Gold is maintaining its upward momentum, but its dynamics will depend on macro statistics and the Fed's response.
Technically, the focus is on the local trading range of 3385 - 3363 - 3353.

Resistance levels: 3385.4, 3433
Support levels: 3362, 3353, 3345

A retest of support and holding the price above key support could trigger a continuation of the uptrend, but it is important to pay attention to the fundamental background.

Best regards, R. Linda!

5 ago

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