GOLD → A change in fundamental background. Strong resistance

XAUUSD faces strong resistance at 2721 and enters correction phase, which also coincides with the change of fundamental background and economic data



Weakening geopolitical tensions in the Middle East have reduced demand for safe-haven assets such as gold, the US dollar and US bonds. In addition, expectations of stimulus measures from China improved market sentiment.
Despite this, the downward trend for gold may remain limited due to Trump's rather risky policies and expectations of two Fed interest rate cuts later this year. Overall, gold prices are likely to be volatile in the short term due to holiday market conditions and Trump's upcoming executive orders.
Technically, the price is inside a symmetrical triangle, which in turn is located inside an ascending channel. If the resistance is not broken, pressure will be applied to the support....

Resistance levels: 2713, 2717, 2721
Support levels: 2702, 2697, 2690

A retest of 2702 will increase the chances of support breakdown and further fall. It can happen after the resistance retest. I do not exclude a false breakdown of one of the mentioned resistance levels before a further fall.

Regards R. Linda!