XAUUSD has been buying back all the losses from the Asian and Pacific sessions since the opening of the European session, but this looks more like a catapult being loaded...
GOLD broke through the global consolidation base of 3200, which only confirmed the bearish market structure. Investors are waiting for PPI and retail sales data in the US, as well as Fed Chair Powell's speech.
Expectations of fewer Fed rate cuts and optimism surrounding trade talks with China and South Korea continue to weigh on gold. However, weak macro data and a growing US budget deficit could revive interest in this safe-haven asset.
GOLD is in a correction phase and is heading towards the zone of interest: the liquidity zone and previously broken support of global consolidation.
Resistance levels: 3187-3190, 3200
Support levels: 3123, 3100
Gold may test the indicated resistance, but based on the nature of the market, this situation may end in a false breakout and a fall. Target 3123 - 3100.
However, unpredictable data may temporarily change the market, which could lead to momentum towards 3220-3230.
Best regards, R. Linda!
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🌹TRADING is a CASINO💔!?
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Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
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