XAUUSD has been strengthening since the session opened and is heading towards the 3374 zone of interest. The price has previously broken through the consolidation resistance and may test this boundary before moving further.
Gold is rising amid trade risks and dollar weakness. After falling to $3310, gold resumed its growth, seeking to break through the $3368 level. Support for prices was provided by uncertainty surrounding Trump's tariff policy and expectations for Fed Chairman Powell's speech. The US dollar weakened temporarily as investors sought refuge in gold amid trade disputes with the EU, political instability in Japan, and criticism of the Fed from the White House.
Technically, the price is in a realization phase after breaking out of consolidation, but it has encountered resistance at 3368, which could lead to a correction. The focus is on the 3350-3355 zone. If the bulls hold their ground above this zone, the market may return to the realization phase.
Resistance levels: 3368, 3374
Support levels: 3345, 3332
The market is bullish and feels support, especially against the backdrop of a weak dollar. Traders are watching Trump and Powell. If the latter decides to cut rates, for example tomorrow at 12:30 GMT, gold could rally...
Technically, gold could test 3350 before rising.
Best regards, R. Linda!
Zlecenie aktywne
A logically possible scenario before further growth.
Focus on the resistance zone 3401 - 3409. A breakout of this area could trigger further growth.
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