GOLD → Correction before possible growth

27 May

XAUUSD entered a liquidation phase (rally) within the trading range at the opening of the session. The dollar's rise is to blame. The focus is on supporting consolidation...

Investors remain interested in gold as a safe haven asset amid geopolitical risks and declining demand for US assets.
The key drivers remain news about tax reform in the US, trade negotiations, and upcoming macro data.
Gold is consolidating, but since the opening of the session, the price has been heading towards support. Against the backdrop of an upward trend, a trigger for bearish liquidity is likely to form before growth.
Against the backdrop of the dollar's growth, gold is entering a correction phase. At the moment, all attention is on support and the liquidity zone of 3265. A false breakdown will trigger a price buyback.

Resistance levels: 3322
Support levels: 3282, 3265

Since the price is still within the range and a countertrend correction is forming in the market, in our case, it is worth considering an intraband trading strategy. A false breakdown of support could trigger growth to intermediate resistance or to the upper border of the channel.

Best regards, R. Linda!

27 May

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