GOLD → A very strong uptrend may get its continuation
Updated
XAUUSD is rising due to heightened geopolitical and political risks. A strong bullish trend is forming, where the price is testing the strong resistance level of 2726 and creating a false breakout of this resistance.The upward movement is gaining momentum following threats of tariffs by Trump, which have added to the negative market sentiment regarding risk. Trump has proposed imposing tariffs on Mexico and Canada, as well as the EU and China, if trade agreements are not reached. These threats are supporting the demand for gold as a safe-haven asset. However, the strengthening U.S. dollar and expectations of a Fed rate cut are limiting gold's further upward momentum. Trading in the coming days will depend on the overall market sentiment and Trump's tariff discussions.
From a technical perspective, the false breakout of such a strong resistance level could temporarily slow the growth rate and lead to price consolidation or correction. However, there are technical nuances to consider.
Currently, it's important to note the 0.618 Fibonacci retracement level (2716) and the 0.5 Fibonacci retracement level (2711). These are significant liquidity zones that could prevent a deeper correction and push gold back into its bullish trend. A retest of the local highs at 2726 - 2732 would signal that the metal is ready for further upward movement.
Trade closed: target reached
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