GOLD → Long squeeze of support ahead of possible growth

6 Ogo

XAUUSD is entering a consolidation phase after a rally. The market is forming a trading range, and a retest of support could end in growth...



Gold pulled back from an 8-day high ($3391) on profit-taking ahead of Trump's Fed appointments. Weak ISM services data (50.1) and a pause in the dollar's weakening added pressure, although expectations of Fed policy easing in September remain supportive.
The market focus is on key events: Fed appointments (including a possible replacement for Powell) and Trump's trade statements. These factors could provide new momentum after the current correction, as long as the fundamental drivers for growth remain in place.

Resistance levels: 3385.4
Support levels: 3358, 3350, 3345

Technically, the price has confirmed resistance after a false breakout, and the market needs to build up potential for a possible continuation of growth. At the moment, the most likely scenario is a long squeeze (false breakdown) before growth continues. Focus on the key support zone.

Best regards, R. Linda!

6 Ogo

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