XAUUSD continues to test support at 3270 for a breakout. Any de-escalation of the conflict between the US and China could trigger a price drop. But it's not that simple...Gold under pressure amid tariff war and ahead of US data
On Monday, gold is testing last week's low of $3260, remaining under pressure from a strengthening dollar and easing trade risks between the US and China.
Investors are preparing for the release of key US GDP and labor market data, which could influence expectations for Fed rates. Against this backdrop, the correction in gold could be replaced by growth if macro statistics turn out to be weak and geopolitical risks remain.
Another retest of support could trigger a breakout. It is necessary to monitor the situation between China and the US. Any de-escalation will trigger a decline.
Resistance levels: 3299, 3326
Support levels: 3268.9, 3245, 3232
Since the opening of the session, the potential for a further decline has been exhausted. Gold may strengthen to the indicated resistance zones. A false breakout of 3300/3326 could trigger a decline, which could bring the price closer to the support breakout of 3270.
With respect, R. Linda!
Trade active
As we can see, gold rebounded, which is what I was expecting in the first place (a rebound and retest of resistance before falling).
But I didn't think the rebound would be so aggressive. The resistance at 3300-3326 failed to hold the correction phase, and the price broke the local structure.
Thus, we are back to the 3370-3270 range.
Presumably, the growth has stopped and a local correction to 3326 or 0.5 Fibonacci may form. If one of the specified support zones holds, then during the Pacific/Asian/European session, gold may well test 3370 (an important level for the current situation).
If the price breaks through 3326-3300 without stopping, then we will wait for a retest of the 3270 support, which may revive the chances of a breakout of support and a fall.
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🌹TRADING is a CASINO💔!?
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You❗️CAN and ❗️SHOULD make money in trading!
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🧿 Web: rlinda.com
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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
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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.