XAUUSD has been strengthening since Friday. Standard reaction to the false break of the support at 2834. Price is still in a selling zone and heading for resistance before a possible pullback to the downside. The $ has strengthened strongly over the past week and looks poised to continue its rise, but it all depends on the tariff war, economic risks and regulatory policy in the US.
Markets are reacting to attempts to regulate the war in eastern Europe. Ahead are Fed statements and US economic data.
On 4H, gold is trading flat 2881 - 2834. Below 2881 gold is under bearish pressure (selling zone). But, due to the liquidity created in the 2878 - 2881 area, gold may test the area of interest before returning to the downside.
Resistance levels: 2869, 2877, 2881
Support levels: 2859, 2834
At the moment consolidation is forming below 2869 (0.5 fibo) after a false breakdown. If the bears keep the price under the level, the decline may start earlier. We also have another trigger - 2859. A breakdown of this support will trigger a sell-off and liquidation, which may lead to a fall to 2834.
Regards R. Linda!
Note
UPD:Further buying can be considered if gold overcomes the 2878 - 2881 zone and is able to consolidate above this area. In this case, the price will confirm the break of the trend and strong resistance.
At the moment, while gold is inside this range, we can consider an intra-range trading strategy (relative to its boundaries)
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🌹TRADING is a CASINO💔!?
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.