XAUUSD remains under pressure from the broader bearish trend. However, within this primary direction, the market is developing a sideways range and a countertrend correction. A stronger U.S. dollar could once again weigh on the metalGold has received temporary support from the recent geopolitical pause and a softer U.S. dollar. However, the sustainability of the recovery remains uncertain as markets await the upcoming Federal Reserve decision and further developments in the Middle East. Technical indicators continue to point to a bearish bias, limiting buyers' appetite.
Bullish drivers: Further U.S. dollar weakness, Geopolitical de-escalation, Lower oil prices and bond yields, A dovish signal from the Federal Reserve
Bearish drivers: Renewed geopolitical escalation, Rising oil prices, Hawkish Fed rhetoric, Renewed U.S. dollar strength
Resistance levels: 4109, 4134
Support levels: 4082, 4067, 4028
Although the U.S. dollar is currently in a corrective phase, its broader trend remains bullish. This could allow gold to complete a liquidity sweep before resuming its decline.
Before any further advance, gold may retest the 4082 support level. The primary focus remains on the 4134 liquidity zone, where a short squeeze could trigger another bearish reversal
Best regards,
R. Linda
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