XAUUSD and medium-term outlook: Friday's strong unemployment data strengthened the dollar and triggered a sell-off in gold. Money is temporarily flowing out of the metal and into currencies and the stock market...Technically, gold is still in a bullish phase on the global timeframe. Logically, the situation is more reminiscent of a countertrend correction of the zone of interest before continuing growth.
Despite the rise in the DXY after Friday's news, the dollar is still under pressure from Trump, who is pushing for an early interest rate cut. This move could significantly shake the market (dollar down, gold up)
Locally, on the hourly XAUUSD timeframe, we can clearly see how the price is breaking out of the uptrend, thereby triggering a downward impulse.
Resistance levels: 3325, 3343
Support levels: 3303, 3275
The liquidity level of 3300 could act as a magnet for the price, from which a correction to the resistance of the range of 3325 could form (liquidity hunt), but due to the change in the fundamental background, gold may continue its correction to 3275 (support zone) before a possible continuation of growth.
Best regards, R. Linda!
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🌹TRADING is a CASINO💔!?
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