GOLD → Volatile. Entering consolidation. What is next?

XAUUSD after a short-term uptrend, gold is now shifting into a consolidation phase, with speculative traders actively defending key risk zones. In this environment, what can we expect from the precious metal next?

Uncertainty surrounding Trump’s tariff policies and weak U.S. economic data has driven investors back toward safe-haven assets. However, after reaching a record high of $2,956 on Tuesday, gold experienced a pullback due to profit-taking and a decline in Chinese imports. Despite this, weak U.S. consumer confidence data has helped support a partial recovery.
While gold still holds bullish potential, its upside movement is being restrained by a stronger U.S. dollar and rising bond yields. However, trade war concerns continue to fuel demand for the metal.

Key Levels to Watch:
Resistance: 2,921 – 2,942
Support: 2,905 – 2,888

At this stage, the market is forming a sideways range, leading to two potential scenarios:
A pullback to retest the 2,905 – 2,888 support zone before a potential rebound.
A breakout above resistance, confirming a continuation of the bullish trend.
If buyers can push gold into the 2,921 – 2,929 zone and maintain control above this level, the metal could regain upward momentum.

Stay tuned and seize the best opportunities!