XAUUSD forms a retreat and tests 2577 following a fake breakdown of 2546. After such a severe fall, it is a very reasonable response. The dollar is growing more quickly, and the fundamental context is still negative.China's ambiguous economic figures heightened economic worries. Powell stated that there is no need to lower interest rates right now because the economy is still expanding, the job market is strong, and inflation is still above the 2% target, but this uncertainty regarding future rate reduction by the US Federal Reserve is still weighing on the markets.
Now, everyone's eyes are on the crucial retail sales data.
Technically, it is important to watch the resistance at 2589 and the 0.5-0.7 fibo. Below these areas, a false breakdown and consolidation could lead to a collapse.
Resistance levels: 2578, 2592, 2604.
Support levels: 2543, 2532, 2504
Key : 2565
XAUUSD Gold is currently indicating that the pullback up might be a little drawn out. Before the news, MM will probably aim for liquidity (above these levels). Bears may become active in response to a false breakout, which would only boost sales.However, the likelihood of a breakdown and decline will rise if there is a bounce from 0.5 fibo and a smooth recovery to 2546.
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For Daily Trade Setups and Forecast: 📈 t.me/xauusdoptimizer
Premium Signals Fr33: 💯 t.me/xauusdoptimizer
🥰🥳🤩
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.