GOLD → Will the correction continue, or is it time for growth?

שלשום

XAUUSD is inside a descending channel—corrections within a global bullish trend. The price is forming a retest of resistance, and the market's reaction to the 3760 zone will give further insight into price movement...

Gold is consolidating in the range of 3730-3790 in anticipation of US economic data and speeches by Fed officials. Pressure on the metal is intensifying due to revised expectations for rate cuts and a correction in the dollar...
Key factors: Markets have reduced expectations for easing to 43 bps by the end of the year after cautious comments from the Fed. The dollar index has reached a 9-day high, limiting gold's growth. Tensions between Russia and NATO are preventing gold from falling.
The market is in wait-and-see mode ahead of tomorrow's PCE data. Strong data today will strengthen the dollar and reinforce the correction in the metal, while escalating geopolitics will bring back demand for safe havens.

Resistance levels: 3760, 3776, 3791
Support levels: 3752, 3741, 3731

Technically, the market is testing downward resistance. Since the opening of the session, the price has already moved a lot and there may not be enough potential for an initial breakout. I expect a pullback to 3745-3740, and if the bulls return the price to 3760, the market will have a chance to break through resistance and continue growing towards the resistance level of the range.

Best regards, R. Linda!

שלשום

עסקה פעילה

Economic news has just been released. It is quite positive for the dollar. Gold may continue its correction due to selling pressure.
However, we have strong support in the 3732 zone. If the bulls hold the level, the metal may try to strengthen to 3760.

I do not rule out the possibility of a decline to the distant level: 3717 - 3703...

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