GOLD → Gold is consolidating. What will C.Retail Sales show?

XAUUSD is consolidating due to uncertainty caused by economic data from the US, interest rate decisions, and negotiations between the presidents of Russia and the US.



Gold has not had an easy time lately, with the price in a rather difficult zone both technically and fundamentally. Low-potential, restrained movements occurring within the consolidation are waiting for a strong driver to appear. Potentially, this could happen today, as we have retail sales data ahead of us, as well as a fairly important event - a meeting and negotiations between the presidents of Russia and the US.
Technically, the focus is on the boundaries of the current consolidation: 3331 - 3349 - 3366. Thursday's weak close (close to the trigger) hints at a possible attempt to break through 3331 with the aim of falling to 3300. However, a sharp approach and seizure of liquidity from 3331 could provoke a rebound to local resistance (3350 - 3366).

Support levels: 3331, 3300.
Resistance levels: 3350, 3366.

Markets are waiting for hints on interest rates. Weaker data on Core Retail Sales and Retail Sales could bring us closer to a reduction in interest rates, against which backdrop gold could strengthen. And vice versa, respectively...

Best regards, R. Linda!