GOLD → The rally has given way to a correction. News ahead

7 Mei

XAUUSD is rising amid a challenging geopolitical environment. During the Asian session, a correction to the zone of interest (0.5 Fibonacci) is forming. The situation is quite complex and tense.

On Tuesday, the metal strengthened to 3433 due to tensions in the Middle East, but during the Asian session, gold fell sharply due to optimism surrounding the upcoming US-China trade talks, the strengthening of the dollar, and profit-taking ahead of the Fed's decision.
Investors are waiting for Powell's speech, which will determine the future of interest rate policy.
Despite the decline, gold is supported by ongoing geopolitical risks in the Middle East, Eastern Europe, and South Asia.
Theoretically, if the bulls keep the price above 0.5 Fibonacci, the growth may continue to 3439, as the price has not yet reached the liquidity zone.

Resistance levels: 3439
Support levels: 3369, 3352

However, unpredictable data could trigger a return of the price to the range and a correction to 3323-3300. Risk is posed by upcoming news: FOMC, Powell's speech, and the rate meeting. The Fed's hawkish stance could put pressure on gold...

Best regards, R. Linda!

8 Mei

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