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GOLD → Buyers are hesitant due to new tariffs

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XAUUSD continues its correction phase after updating local highs and breaking through trend resistance. The dollar is making traders nervous...

GOLD → Consolidation after a trend break...


After rising 2% last week, gold started Monday with a decline to $3,300 amid a stronger dollar due to the risk of new tariffs from Trump, who sent letters to 12 countries threatening to impose duties of up to 70% if no agreements are reached by July 9. This boosted demand for the dollar as a safe-haven asset.
Gold is also under pressure from strong US employment data, which has dampened expectations of a rate cut. The market is focused on news on tariffs and the publication of the Fed minutes on Wednesday, which may clarify the outlook for monetary policy.
Technically, the correction may end in the 0.7 Fibonacci zone, in the range of 3295-3300. After the formation of a reversal pattern, the market may strengthen to 3350-3360.

Resistance levels: 3315, 3344, 3358
Support levels: 3300, 3295


Locally, the price is trying to consolidate below the range, which could lead to a decline to 3300-3295. If, during the correction from support, the market manages to consolidate above 3315, we can expect growth. Otherwise, a weak reaction at 3295 could lead to a retest of 3275 and consolidation in the selling zone, which could lead to a further decline to 3245.

BUT! We are closely monitoring the position of the US and Trump on tariffs, as he is once again issuing ultimatums to countries, to which the markets are reacting...

Best regards, R. Linda!
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