GOLD → Consolidation. 4269 - trigger. Chances for growth?

3 giorni fa

Gold is consolidating due to uncertainty. On Friday, the market broke its local structure, which slightly changed sentiment. Focus on current consolidation.



Key drivers of the week: Trump's threat to impose 100% tariffs on Chinese imports and China's response supported demand for safe havens. Problems with regional banks (Zions, Western Alliance) and the fall in Treasury bond yields below 4% increased the inflow into gold. Powell maintained a neutral tone, but markets are expecting two rate cuts in 2024.
All eyes are on inflation data, US-China negotiations, developments between Russia, the US, and China; any de-escalation of the situation could trigger a correction.
Technically, the upward trend in gold remains relevant. Corrections will be bought up as long as uncertainty surrounding trade policy, the banking sector, and the Fed's monetary policy persists.

Resistance levels: 4269, 4316
Support levels: 4251, 4218

At the moment, a pre-breakout base is forming around 4269. If the structure remains intact and the price continues to attack resistance, the chances of a breakout and growth will be high. Otherwise, a close below 4251 could trigger a retest of 4218.

Best regards, R. Linda!

3 giorni fa

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