XAUUSD breaks through the support of the local consolidation “symmetrical triangle” and falls to a minimum of 3311...
Gold remained at a three-week low of around $3,300 in Asian trading on Wednesday as markets awaited the Fed minutes and Powell's speech in Jackson Hole. The dollar is strengthening on expectations that the Fed chair will reject the idea of aggressive rate cuts despite weak labor market and inflation data. The probability of a rate cut in September is estimated at 85%. Strong housing market data and news about negotiations on Ukraine provided additional support to the dollar. Powell's comments on Friday remain the key factor for gold, while current movements are mainly technical in nature.
Resistance levels: 3328, 3331, 3345
Support levels: 3314, 3300, 3328
Technically, a correction is forming after a bearish rally. As part of the correction, the price may test the zone of interest, which is represented by local resistance levels. Distribution could bring the price to 3300-3270.
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🌹TRADING is a CASINO💔!?
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