XAUUSD is technically looking a little weak. Support is being retested amid de-escalation of geopolitical conflicts in the Middle East. Interest in the metal is waning.On Friday, gold remains under pressure ahead of data on the core PCE index, a key inflation indicator for the Fed. If inflation turns out to be higher than expected, this could strengthen expectations of a rate cut as early as July, supporting gold. The probability of a July cut is currently estimated at 21%, and 75% for September. Amid dollar volatility caused by rumors of a possible Fed chair replacement and trade negotiations with the EU and China, traders remain cautious, awaiting clarity on inflation and monetary policy
Technically, before falling, gold may form a correction to 3320 (liquidity capture).
Resistance levels: 3320, 3336, 3347
Support levels: 3293, 3271
If the fundamental background remains unchanged and gold continues to decline towards support at 3293 and break through this level, the breakout could lead to a fall to 3271. However, I do not rule out the possibility that after a sharp decline, a correction to 3320 could form before the fall.
Best regards, R. Linda!
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🌹TRADING is a CASINO💔!?
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