GOLD → False or true resistance breakout?

23 Oca

XAUUSD is trying to consolidate above the previously broken boundary of the ascending channel. The struggle that has not ended creates risks for both buyers and sellers.

The weakening USD, coupled with the lack of clarity surrounding President Donald Trump's policy plans and ongoing trade wars, continues to provide support for gold.
Inflation expectations are rising amid a period of economic and geopolitical uncertainty, forcing the Federal Reserve (Fed) to maintain high interest rates for an extended period to control increasing price pressures. Since taking office, President Trump has provided little detail on his proposed tariffs, raising questions about the seriousness of these measures and their potential impact.
In the coming days and weeks, the precious metals market will be influenced by constantly shifting news from Washington.

Resistance levels: 2758, 2770
Support levels: 2750, 2745, 2730

Currently, prices are consolidating above previously broken resistance levels. If there is no bullish momentum and the price breaks through a false resistance channel, gold may decline toward 2745 - 2730.
However, a breakout above the local resistance level could trigger buying and push the price to the target: 2770.

Best regards, Bentradegold!

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