GOLD → Gold not ready to fall? What's going on?

5 Mei

XAUUSD is forming a local bottom and is not ready to continue falling. The price is breaking through the downward resistance amid a weakening dollar and a complicated fundamental backdrop.



At the beginning of the week, the price of gold stabilized above $3,250 as investors returned to defensive assets due to ongoing uncertainty surrounding US trade agreements with China and Japan, as well as growing geopolitical tensions in the Middle East and Ukraine.
The weakness of the dollar ahead of the Fed meeting and declining expectations of a rate cut are also supporting demand for gold. The focus remains on US trade news and the possible hawkish tone of the Fed this week.
Technically, the price is testing the bottom of the range as resistance. If there is no reaction to the false breakout and the price continues to storm 3268, then a breakout and consolidation above the level will allow it to strengthen to 3292-3314.

Resistance levels: 3269, 3294, 3314
Support levels: 3243, 3222, 3204

The price is forming a second retest of 3269 since the session opened. Buyers are testing resistance for a breakout. If the bulls break 3269 and consolidate above 3270, the chances for growth will be good. I do not rule out the possibility of a retest of the liquidity zone at 3243 before growth.

Best regards, R. Linda!

5 Mei

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