XAUUSD - ENCOUNTERING SUPPLY AREAS
Gold is encountering significant resistance at 2721 and has entered a correction phase, which aligns with shifts in the broader economic landscape and fundamental factors. Easing geopolitical tensions in the Middle East have reduced the demand for safe-haven assets like gold, the US dollar, and US bonds. Moreover, improved market sentiment is being driven by expectations of potential stimulus measures from China.
Nonetheless, the downward pressure on gold may remain limited due to the unpredictable nature of Trump's policies and the anticipation of two interest rate cuts by the Federal Reserve later this year. As a result, gold prices are likely to experience short-term volatility, influenced by holiday market conditions and upcoming executive actions from Trump.
From a technical perspective, gold is currently within a symmetrical triangle pattern, which is also situated within an ascending channel. If resistance is not breached, the price may face downward pressure toward support.
Resistance levels: 2713 - 2721
Support levels: 2702 - 2690
A retest of 2702 would increase the likelihood of a breakdown of support, leading to a further decline. This could follow a retest of the resistance level. There is also the possibility of a false breakdown at one of the mentioned resistance levels before the market moves lower.
Nonetheless, the downward pressure on gold may remain limited due to the unpredictable nature of Trump's policies and the anticipation of two interest rate cuts by the Federal Reserve later this year. As a result, gold prices are likely to experience short-term volatility, influenced by holiday market conditions and upcoming executive actions from Trump.
From a technical perspective, gold is currently within a symmetrical triangle pattern, which is also situated within an ascending channel. If resistance is not breached, the price may face downward pressure toward support.
Resistance levels: 2713 - 2721
Support levels: 2702 - 2690
A retest of 2702 would increase the likelihood of a breakdown of support, leading to a further decline. This could follow a retest of the resistance level. There is also the possibility of a false breakdown at one of the mentioned resistance levels before the market moves lower.
Trade fermée manuellement
Gold is experiencing upward momentum driven by heightened geopolitical and political risks. A strong bullish trend is developing, with the price testing the significant resistance at 2725, followed by a false break of this level. This surge is primarily fueled by market concerns surrounding trade tensions, particularly with Trump’s threats to impose tariffs on Mexico, Canada, the EU, and China if trade agreements are not reached. These threats are contributing to a risk-averse sentiment, thereby increasing demand for gold as a safe-haven asset. However, the strengthening US dollar and expectations of rate cuts by the Federal Reserve are constraining further upside potential for gold.
Market movement in the coming days will largely depend on the overall market sentiment and developments surrounding Trump’s tariff proposals.
From a technical perspective, a false break of such a strong resistance level could temporarily hinder price growth, potentially leading to a correction or consolidation. However, there are certain technical nuances to consider.
Resistance levels: 2720, 2725, 2760
Support levels: 2702, 2697, 2690
A false breakdown at the 0.5 Fibonacci level could trigger aggressive buying activity, with the price approaching the channel resistance.
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