GOLD → Reversal or correction? What to do now?

23 apr

XAUUSD reaching the psychological high of $3500 has entered the correction phase, which was also influenced by a slight easing of the tariff conflict between the U.S. and China....



After falling without reaching the zone of interest 3288, the gold price is strengthening at the beginning of the European session, expecting PMI data from the U.S.. Earlier, the metal reached a record of $3,500, but rolled back amid hopes for an easing of the trade war with China and words of the US Treasury Secretary about a possible “détente”.
The dollar recovered as part of the correction, but investors doubt Trump's predictability, gold at this time begins a correction. In the center of attention is the PMI index from S&P Global: its results may affect expectations for Fed Funds rates and give a new direction to the market.

Resistance levels: 3340, 3360, 3366
Support levels: 3317, 3288

Technically gold is in correction and confirms the bearish structure. But any unexpected statement by Trump may attract aggressive buying.
Nevertheless, we should now consider a possible decline from 3340 - 3360 - 3366. Buying could be considered on a retest of support or a close above 3370.

Regards R. Linda!

23 apr

Trade attivo

24 apr

Trade chiuso: obiettivo raggiunto

Target reached