GOLD → Correction / consolidation before growth

XAUUSD has been rallying since the opening of the session, which we anticipated in yesterday's analysis. It has gained 1.6%, with the price reaching a new high of 3820. Technically, there is no potential for further growth in the short term, and the market may enter a phase of correction or consolidation.

Key supporting factors: Risk of a US government shutdown. Pressure on the USD is intensifying due to fiscal uncertainty. Unconfirmed reports of negotiations between Trump and Netanyahu on Gaza are not yet distracting attention from the risks.

The further dynamics of the metal this week will depend on US labour market data. This week will see JOLTS vacancies, ADP, PMI indices and the key NFP report on Friday. If they confirm the strength of the economy, expectations of a Fed rate cut (currently ~40 bps by the end of the year) may diminish, strengthening the dollar.

Resistance levels: 3819, 3825
Support levels: 3804, 3791, 3777

The market is experiencing an aggressive trend. The fall of the dollar supports the growth of gold. However, the price of the metal is slowing down temporarily, and a correction is expected. The hunt for liquidity is beginning in order to continue growth. Technically, the focus is on 3804 - 3791. A false breakdown of support could resume the bull run.

Best regards, R. Linda!