XAUUSD , rather quickly changes the market structure to bullish and continues its aggressive rally. The economic risk indicator is working perfectly. Technically, the focus is on the range 3135 - 3099
Gold is consolidating around $3,100 in anticipation of US inflation data. The escalating trade war between the US and China keeps demand for defensive assets alive despite the pause in price gains. Trump imposed 125% tariffs on Chinese goods and China retaliated with duties of 84% on U.S. imports. Increased tariff tensions are raising recession expectations and encouraging bets on a Fed interest rate cut, which supports gold. However, a rise in March CPI inflation (expected 2.6% y/y) could trigger a downward correction, although the impact could be short-lived - tariff news remains the main driver
Technically, the price failed to reach the 3135 liquidity zone and reversed, which attracted the crowd willing to sell (deceptive maneuver). But, after correction the price may return to the target quite quickly
Resistance levels: 3135, 3167
Support levels: 3100, 3090, 3077
Emphasis on the range boundaries, possible retest of 3100-3090- 3075 before continuation of growth. On the news or before the opening of the American session there may be a long squeeze before the continuation of growth.
Regards R. Linda!
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🌹TRADING is a CASINO💔!?
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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
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