GOLD → Correction for confirmation before growth

XAUUSD is recovering due to increased demand as a safe-haven asset. After breaking through local trend resistance, an upward channel is beginning to form on the chart.



On Monday, gold tested the 3295-3300 zone (liquidity zone) and, against the backdrop of incoming economic data, is buying back the decline, forming a rather interesting pattern that could lead to continued growth, but there is a but!
Investors are reacting to President Trump's threats to impose tariffs on imports from a dozen countries starting August 1. In addition, the main question is the Fed's interest rate decision. The regulator is likely to leave the rate unchanged due to inflation risks.
Uncertainty surrounding tariffs is supporting interest in gold as a safe-haven asset. The market is awaiting further news and the publication of the Fed minutes on Wednesday.

Resistance levels: 3345, 3357, 3396
Support levels: 3320, 3311, 3295

A correction to support is forming. If the bulls hold their ground within the upward channel and above the key areas of interest, the focus will shift to 3345, a resistance level that could hold the market back from a possible rise. A breakout of this zone would trigger a rise to 3357-3396.

Best regards, R. Linda!