GOLD → The calm before the storm. What to expect?
XAUUSD is consolidating above 2645 and trying to test the strong resistance of 2664. Downside risks are quite high and it may happen after liquidity capture. Gold has high risks due to yesterday's favorable data in the US. Hawkish expectations for the Fed, strong economic data put the dollar back on the northbound train. Markets priced in a 35% chance of a Fed interest rate cut this month.
Trump takes office on Jan. 20 and his proposed tariffs and protectionist policies are seen as inflationary, requiring higher interest rates and a stronger U.S. dollar. If risk aversion intensifies amid renewed geopolitical tensions in the Middle East or Trump's tariff threats, that could send gold higher
A symmetrical triangle is forming on D1, which confuses everyone - where will the price go? And all because the technical situation is neutral.
Resistance levels: 2664, 2674
Support levels: 2645, 2632.
False breakdown of resistance can provoke a fall to the strong support, the border of the triangle. Gold is growing reluctantly and slowly, as if something is in the way, and the risks and pressure are increasing.
BUT! If the price goes to 2664, it is important to watch the price reaction to this level: consolidation above the level may provoke further growth to 2674. Similarly with the support of 2645
Regards R. Linda!
Note
PS: the priority is to move up to the key resistance
Subsequent movement can be downward, provided that there will be a false breakdown
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