XAUUSD experienced significant volatility toward the end of the US trading session. This was due to developments in the Middle East. The de-escalation of the situation is leading to a decline in interest in the metal.The announced ceasefire between Iran and Israel has reduced demand for gold as a safe-haven asset, while falling oil prices have reduced its appeal as a hedge against inflation. Gold is supported by expectations of a Fed rate cut in July. The focus is on Fed Chair Powell's testimony before Congress and further developments in the Middle East.
Technically, the price confirms the local bearish structure. A continued assault on the 3340 support level could trigger a further decline.
Support levels: 3343-3340, 3320
Resistance levels: 3360, 3366
Focus on the trading range (consolidation) 3340 - 3400. De-escalation of the conflict in the Middle East may lead to a decline in interest in gold as a hedge asset, which may cause the price to break down of consolidation. If the retest of 3340 continues, the price will begin to contract before the level, in which case the chances of a breakdown and decline will only increase. The target will be the liquidity zone of 3320 - 3306
Best regards, R. Linda!
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🌹TRADING is a CASINO💔!?
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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
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.