GOLD - RETESTING SUPPORT BEFORE THE NEXT CLIMB

May 26

Symbol - XAUUSD

CMP - 3327

Gold continues to strengthen, supported by a complex and evolving fundamental landscape.
A false breakdown below the 3285 support level has facilitated a move to a new local high at 3365

Despite a weaker US dollar, gold experienced a modest pullback from the 3365 high amid subdued market activity caused by US market holiday. Investor sentiment reflects profit-taking ahead of key US inflation data releases. Additional downward pressure is linked to optimism surrounding a potential trade agreement between the United States, Europe and Japan. Nonetheless, the decline in gold prices remains limited, as safe-haven demand persists in response to ongoing geopolitical tensions, US fiscal concerns, and instability in the Middle East.

Support levels: 3321, 3308, 3300
Resistance levels: 3363

From a technical perspective, gold appears to be executing a false breakout above consolidation resistance and is entering a corrective phase. During this correction, the price may target liquidity zones in the 3320-3303 range before resuming its upward trajectory.

May 27

Trade active

CMP 3290

Price came to test the liquidity zone as discussed in trading idea. Now I am expecting it to move up.

May 31

Trade closed: target reached

Closed at 3322

Jun 5

Note

All targets have been reached.