GOLD → Correction after a false breakout. A reversal?

is forming a false break of the channel resistance within the rally, we should wait for a correction, but not for a trend reversal. Let's see what we can expect from the price in the short and medium term.

GOLD → Consolidation forms a trigger. Rally?

Gold is reacting to market turmoil over Trump's tariff plans. Investors are looking for protection ahead of the possible imposition of new duties from April 2, boosting demand for the metal
Fears of a trade war and a slowing global economy are supporting gold despite positive US GDP data. PCE data and tariff updates will be key catalysts for further movement. Higher inflation could dampen the rally, while weak data will reinforce bets on a Fed rate cut, helping gold to rally further.
The energy to continue the move is gone, so I am waiting for a correction to the imbalance zone or to 0.7 Fibo to accumulate potential. The price may consolidate in the zone of 3050 - 3075 before it continues its growth

Resistance levels: 3075, 3085, 3095
Support levels: 3059, 3055

The correction after a strong rally can be quite deep. The imbalance zone 3066 - 3063 and liquidity zone 3057 play an important role. False breakdown of support may resume growth.

Regards R. Linda!

Trade active

The price is testing the support 3066 (0.5 fibo). It forms a false breakdown and reaches our target.

Locally, the price forms consolidation between 3084 - 3066 and closes the session quite close to the resistance, which indicates the readiness to continue the growth.

Note

Yesterday there were hints of a 50-day ceasefire in the Gaza Strip, which can be seen as a relief in the Middle East and gold may react with a gap down or a correction. Also, we should not forget about the negotiations between Russia, the US and Ukraine....
But the situation with tariffs, high inflation, geopolitics remains tense, which only strengthens the interest to the metal (against the background of falling stock market, indices and cryptocurrency market).

Technically, the price is in consolidation 3085 - 3067. Friday's session closing is promising enough, as the session closes almost at the peak (ath). Thus, we can assume that there may be an attempt to break the resistance in Asian/European session and if the bulls keep the price above 3084, gold may continue to rise to 3094 - 3105.

But based on the news from the Middle East, the price may form a correction to 3067 or 3057 before the market may return to the upside

Trade closed: target reached

RLinda

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