GOLD → Breaking of the downward trend structure...

XAUUSD is breaking out of the downward price channel and heading towards the zone of interest at 3346. A false breakout of resistance could trigger a correction before growth continues.



Gold is rising for the third day in a row and trading above $3,300 amid a weakening dollar and heightened geopolitical tensions. Investors are seeking refuge due to concerns about US fiscal policy, trade disputes with China, and a possible Israeli strike on Iran. Gold is also supported by expectations of a Fed rate cut and weak prospects for the dollar.
Technically, the price is heading towards the order block and resistance at 3345-3360. Since the opening of the session, the price has exhausted all its potential, and a retest of the key level may end in a false breakout and correction. However, based on the fundamental background, gold's growth may continue after the correction...

Resistance levels: 3346, 3360, 3409
Support levels: 3288, 3265, 3245

Gold has returned to the buy zone, but the fundamental background is unstable, and any weakening of economic risks could send gold back south. At the moment, the focus is on 3346-3360, with a false breakout likely to trigger a correction.

Best regards, R. Linda!