XAUUSD is strengthening due to a complex fundamental backdrop. A false break of support at 3285 allows the price to update its local high to 3365.
Gold fell moderately from a high of $3365 amid weak activity due to holidays in the US, despite the weak dollar. Investors are taking profits ahead of US inflation data.
Pressure is also linked to hopes for a trade agreement between the US and Japan. However, the decline in prices is limited — geopolitical tensions, US budget problems, and instability in the Middle East are keeping demand for gold as a safe-haven asset.
Support levels: 3321, 3308, 3300
Resistance levels: 3363
Technically, gold is making a false breakout of consolidation resistance and is entering a correction phase, during which the price may test liquidity below 3320-3303 before continuing to rise.
Best regards, R. Linda!
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: telegram.me/RLindaTrade
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NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: telegram.me/RLindaTrade
🧿 Web: rlinda.com
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