XAUUSD continues to gradually storm the 3375-3405 area, paving its way to strong resistance at 3410. The fundamental background is relatively positive, with a bullish trend.
Gold has retreated slightly from its two-week peak ($3400), but retains its growth potential against the backdrop of two key factors: Pressure on Fed Chair Lisa Cook is undermining confidence in the dollar and strengthening demand for defensive assets. New tariffs on China and India are reviving fears about global growth, which is beneficial for safe havens.
But there are also restraining factors: A strong dollar could limit gold's growth. It is also worth paying attention to Friday's US inflation data (PCE), which will determine the further trend. Soft data will reinforce expectations of a Fed rate cut and push gold higher.
Resistance levels: 3386.5, 3393.5
Support levels: 3373.7, 3369.6
Movements up to 3410 may be zigzagging due to the fairly heavy zone of 3375 - 3410 (this can be seen in the volume profile). Focus on local but strong support: 3373 - 3369, the market may test this area before storming resistance 3386 - 3393 for growth to 3405 - 3410.
Best regards, R. Linda!
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🌹TRADING is a CASINO💔!?
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🟢Telegram Channel: t.me/RLindaTrade
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