XAUUSD is testing trend support within a correction. Against a complex fundamental backdrop (the Middle East, Fed comments, Trump's desire to lower rates), the price may continue to rise.
The price of gold rose from a weekly low of $3,363 on Thursday thanks to increased demand for safe-haven assets following reports of possible US strikes on Iran. Markets are ignoring the Fed's hawkish decision to maintain its tight policy and rate forecasts. Traders are waiting for new signals from the Middle East, given the risk of increased volatility due to low liquidity in connection with the US holiday.
Technically, a bullish wedge pattern is forming as part of the correction. The breakdown of the pattern's support did not lead to a decline, but a return of prices and a breakout of resistance could trigger growth after liquidity returns.
Resistance levels: 3373, 3403, 3420
Support levels: 3349, 3320
Before growth, a retest of the trend support or the 3350 zone is possible. However, if the price goes above 3375 and the bulls hold their ground above this level, then we can expect growth to continue within the trend.
Best regards, R. Linda!
Trade active
Support retest (trend support)
If, during the retest (liquidity capture), the bulls hold the trend boundaries and manage to return the price to 3373, then we can still consider the possibility of growth.
However, we also have a trigger at 3349 (for a decline).
Gold is not reacting to the situation in the Middle East, and there is a possibility that the correction will continue.
If support at 3349 is broken, then consolidation below this level could trigger liquidation and momentum towards 3320-3306.
🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
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.
🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
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.