XAUUSD is gradually making its way upward, but it faces a fairly difficult resistance zone. Most likely, a long squeeze may form before further growth.
Gold is rising amid uncertainty: Expectations of key US labor market data (unemployment claims, labor costs), the possibility of a Fed rate cut in September after weak employment and services data, new trade threats (possible 15% tariffs on Japanese imports and restrictions on Russian oil supplies to China)
Key risks:
Trump's decision on Fed appointments (replacement of Kugler and Powell) and further escalation of trade conflicts could increase volatility. For now, dovish expectations and demand for safe-haven assets are supporting gold.
Technically, the focus is on the local range of 3390-3335 (3350). A false break of support could trigger growth...
Resistance levels: 3390, 3405, 3433
Support levels: 3365, 3358, 3350
The fall of the dollar is supporting the already bullish gold... However, before continuing its growth, the price is forming a correction, and a false breakout of support and liquidity capture could have a positive effect on the market for further upward movement...
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: t.me/RLindaTrade
🧿 Web: rlinda.com
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NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
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.