GOLD → Correction before a breakout and rally

XAUUSD is gradually making its way upward, but it faces a fairly difficult resistance zone. Most likely, a long squeeze may form before further growth.

Gold is rising amid uncertainty: Expectations of key US labor market data (unemployment claims, labor costs), the possibility of a Fed rate cut in September after weak employment and services data, new trade threats (possible 15% tariffs on Japanese imports and restrictions on Russian oil supplies to China)
Key risks:
Trump's decision on Fed appointments (replacement of Kugler and Powell) and further escalation of trade conflicts could increase volatility. For now, dovish expectations and demand for safe-haven assets are supporting gold.
Technically, the focus is on the local range of 3390-3335 (3350). A false break of support could trigger growth...

Resistance levels: 3390, 3405, 3433
Support levels: 3365, 3358, 3350

The fall of the dollar is supporting the already bullish gold... However, before continuing its growth, the price is forming a correction, and a false breakout of support and liquidity capture could have a positive effect on the market for further upward movement...

Best regards, R. Linda!