GOLD → Long squeeze (false break of uptrend support)

within the liquidation the price is testing the key support at 3004.9 and forms a false break of support. The trend is generally bullish as the geopolitical situation remains tense and carries high risks.

GOLD → Consolidation (correction) before growth to $3100

Friday saw a liquidation phase relative to the consolidation at 3024-3045. Reason: the White House is expected to revise tariff policy, easing measures against key trading partners. Negotiations over the conflict in eastern Europe, where the U.S. is a key link, also support the positive sentiment. On Monday, market attention will focus on Russia-US talks, as well as preliminary PMI data that could affect the global economic outlook.
The focus is on the current consolidation and the 3024 level. If the bulls hold their defenses above this level, gold will continue to strengthen.

Resistance levels: 3045 - 3056
Support levels: 3024, 3004

The growth within the bullish trend may continue. The price is forming a consolidation between trend support and resistance at 3024. The emphasis is on 3024, if the bulls hold the defense over this zone, gold may head for a retest of the high (the initial reaction to ATH may trigger a pullback down)

Regards R. Linda!

Trade active

Gold is not yet ready to continue rising because of the factors I pointed out earlier.
I was counting on a possible downward correction, but I expected it to happen after the retest of the zone of interest at 3035.
Nevertheless, the price is testing the range support and there is another key zone lower from which we can expect a bounce or correction.
Emphasis on 3004 - 2981

RLinda

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