GOLD → Retest of the level after its breakout

6 gün önce

XAUUSD inside the new flat is looking for strong support. The fundamental backdrop is complex and amid high risks, buyers are looking for a safe haven



Fundamentally, the situation is complex, the weakening of gold is influenced only by the hawkish stance of the Fed and the growth of the dollar. But the pressure for further growth is exerted by many other factors: the escalation of the conflict in the Middle East and Eastern Europe. Trump's protectionist policies toward europe, asia. Geopolitical risks in the world.
Technically, the price is testing a strong support area after breaking through resistance.
Below is the key Fibo level of 0.5 - 0.7, which may play the role of the lower boundary from which the bulls will start an aggressive game.

Support levels: 2637, 2630, 2616
Resistance levels: 2649, 2665

In general, I am more inclined for a medium-term decline, but the local situation is quite tense and complicated.
If the bulls hold 2630 - 2640, the gold will continue to rise
If the bulls lose, the price will form a deeper correction with the possibility of further prolongation of the fall.

Regards R. Linda!