GOLD → Retest of risk zone 2880. A pullback is possible for FX:XAUUSD by RLinda

GOLD → Retest of risk zone 2880. A pullback is possible

is breaking the local trend and is testing the panic and risk zone of 2880 as part of the correction. A retest of this area will increase the chances of a trend change

Gold is losing growth due to uncertainty of Trump's tariff plans and economic problems in the US. Contradictory statements from the president are supporting the dollar, while rising bond yields are holding back gold prices.
Markets are waiting for US GDP data: if the figures are lower than forecast (2.3%), gold may rise. Fed speeches are also important, but the key will be Trump's statement, which may change the market sentiment
Technically, locally we have a bearish market structure and in this case we expect the decline to continue after a small correction.

Support levels: 2878, 2888
Resistance levels: 2890, 2907

False breakdown of the above support, after such a strong fall, may form a correction. Initially, the price may head towards 0.5 Fibo, after a small pullback we may test 0.7 Fibo. But then we will have to watch the price reaction.

If the gold will go down, the focus will be on 2880.
If the movement will be difficult and the price will start to test the resistance, then in this case, against the background of high risks, we can return to the growth phase.

Regards R. Linda!

RLinda

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