XAUUSD is in a stalemate. A “casino” pattern is forming in the form of a symmetrical triangle. The odds are 50/50, and everything depends on the fundamental background and the emergence of a driver.Gold is stuck in a symmetrical triangle - consolidation.
Gold is trading around $3330 on Tuesday, remaining in a range with a downward bias amid caution among traders ahead of the Fed minutes.
Technically, it is possible to trade the breakout from consolidation with the price consolidating above a certain level, i.e., post-factum.
Optimism after the meeting between Trump and Zelensky, who promised to end the conflict, is reducing demand for safe assets, but expectations of a Fed rate cut this year are supporting the metal. An additional factor is the confirmation of the US rating by S&P. Powell's speech on Friday will be a key driver, while the dollar has partially recovered after its recent decline.
Resistance levels: 3349.8, 3370.7
Support levels: 3331, 3315, 3301
Volatility has been very low over the past few days, with the market waiting for someone to kick-start movement. Fundamental factors are contradictory, and technically, gold looks uncertainly weak. Based on this, I expect that a retest of the nearest resistance could end with a downward breakdown from consolidation.
Sincerely, R. Linda!
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🌹TRADING is a CASINO💔!?
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
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.