XAUUSD hit a new all-time high of around $3,550 as investors worldwide rushed to safe-haven assets. As prices rise, the risk of profit-taking increases, especially with news coming up...The key driver is the crisis in the bond market: long-term government bond yields are rising sharply in the UK and Japan. This is boosting demand for gold as a safe haven. We should also not forget about expectations of Fed easing: weak employment data could increase bets on a rate cut in September.
However, strong US employment data (starting with JOLTS today) could support the USD and limit gold's growth.
Correction: Record levels could trigger profit-taking, especially given that the price has come a long way since the last pullback, rising nearly 6% (7 days of growth).
Key factor: US labor market data (JOLTS today, NFP on Friday). Weak figures will strengthen gold, strong ones may cause a correction.
Resistance levels: 3546, 3550, 3575
Support levels: 3526, 3508, 3500
Technically, a retest of resistance at 3342-2246 could lead to a breakout and further growth. However, since the price has stopped updating its highs locally, I do not rule out the possibility of a retest of support at 3529-3526 before further growth. However, a weak reaction to support could lead to the formation of a pre-breakdown base, and a breakdown of support could trigger a decline to 3500.
Best regards, R. Linda!
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Thus, while the price is consolidating above 3526, the market may test opportunities for further growth.
Panic may set in if the price begins to storm support and closes below 3526 (3520).
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🌹TRADING is a CASINO💔!?
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Join me, I'll guide you to PROFITABLE TRADING💵!
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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.