XAUUSD continues on its way as part of a strong rally. Price is testing strong resistance and there is a good chance of a new high as the trade war escalation intensifies. Against the backdrop of the bull run, there is no need to think about selling!
Gold is trading near all-time highs above $3,200 on Friday, posting a weekly gain of about 5.5%. Rising prices are fueled by concerns over U.S. financial stability and the possible resignation of the Fed chief, adding to pressure on the dollar. Expectations of recession and Fed rate cuts are increasing amid escalating trade war with China, after the US imposed tariffs of 145% and Beijing retaliated - China raised tariffs to 125%. Inflation in March came in below expectations, reinforcing forecasts for a rate cut. Focus is on further trade talks and China's response
Resistance levels: 3219.5
Support levels: 3197, 3187, 3167
Emphasis on the local range: 3219 - 3187. Breakdown and price consolidation above the resistance will provoke rally continuation. But I do not rule out a correction to accumulate energy before the continuation of growth. In this case gold may test 3197 (0.7f), or support of 3187 range.
But we should be aware of the fact of unpredictability: If the US and China sit down for negotiations, the situation may change dramatically.
Regards R. Linda!
Trade active
Briefly on #GOLD / #XAUUSD
The fundamnetal background is still tense, the escalation of the conflict between the U.S. and China is at the same level, except that the U.S. removed tariffs on certain goods from China (I don't think it will change the situation in general).
The 90-day pause in the tariff war is just the time the US has given itself to think and strategize.
The fire is not out yet....
Technically, gold is closing the session at its highs, namely at ATH 3245. Consolidation is forming and in our case I would emphasize several levels: 3245, 3219, 3187.
From the opening of the session gold may try to break 3245 and consolidate above this level, which may provoke the continuation of growth to 3270 - 3300.
But, if the price is not let to the resistance from the first time, gold may test deeper support levels before further growth: 3219.5, 3187, 3167
🌹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
Related publications
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.
🌹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
Related publications
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.