XAUUSD volatility continues to increase due to geopolitical factors. A ceasefire framework has reportedly been agreed upon, but it has not yet been officially signed, leaving the market trapped within its current trading rangeThe U.S. dollar remains in stagnation. While its underlying support structure has been broken, the market continues to hold within a range due to ongoing uncertainty. Gold is also trading within a range after retesting the 4589 resistance level. A short squeeze has formed, and profit-taking is now driving a corrective move that could lead to a retest of the 4500–4490 support zone.
As of May 31, the agreement has not been officially signed. Reports suggest that the deal is still awaiting approval from Trump and Tehran, while negotiations over the final wording continue. Should the agreement be formally approved, the geopolitical risk premium is likely to decline further. However, any breakdown in negotiations could immediately revive demand for safe-haven assets and push both oil and gold higher
Resistance levels: 4589, 4638
Support levels: 4540, 4489, 4453
From a technical perspective, the market previously broke local downtrend resistance. However, after testing 4589, price formed a false breakout, triggering a corrective phase. The current move may be aimed at retesting support before another attempt higher. Nevertheless, the broader trend remains bearish.
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Zlecenie aktywne
Uwaga
Gold remains confined within its trading range. A short squeeze is triggering downside pressure in line with the broader bearish trend
The market has moved below the 4540 level, entering a bearish zone and testing the 4490 support area. Before reaching the 4450 liquidity cluster, gold may first retest the 4540 liquidity zone
As long as price remains below 4540, the bearish bias is likely to stay intact, with further downside toward lower support levels remaining the primary scenario
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