GOLD → Return to range. Fall from resistance...

8 Mei

XAUUSD is reacting to data related to the tariff war. The price is returning to the range and forming a false breakout of resistance. The level of 3370 and the zone of interest at 3387 play a key role.

On Thursday, gold rose to $3,400 amid a weaker dollar, increased demand for safe-haven assets, and continued uncertainty due to US trade policy and tensions in the Middle East and Ukraine. The Fed left rates unchanged and expressed caution in its assessment of the outlook, which also supports gold's rise.
However, in the European session, we are seeing gold react to the trade deal with Britain, most likely due to the easing of tariffs. Now the main focus is on the terms of the deal. We should not forget about China, where the situation remains tense, but everyone is waiting for a resolution.

Resistance levels: 3352, 3369, 3385
Support levels: 3319, 3269

The fundamental backdrop changes several times a day. At the moment, the situation is as follows: the rise of the dollar, the weakening of the tariff war, and the hawkish stance of the Fed may put pressure on gold. Therefore, I expect the decline to continue after a retest of 3370-3386. In this case, the target could be 3319.

Best regards, R. Linda!

8 Mei

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