GOLD → The fundamental backdrop is changing, as are the targets

5 days ago

FX:XAUSUD breaks local trend and makes sellers nervous. The fundamental background is changing despite the growth of the dollar, which is generally positive for gold as a safe asset in times of crisis



The dollar rallied strongly on Wednesday as traders increased optimism on Trump's dealings, digesting hawkish comments from the Federal Reserve. Despite the hawkish shift in Fed expectations and the optimism of the overall market syuttaion on the dollar, the gold price held up and benefited from escalating geopolitical tensions between Russia and Ukraine.
Against the backdrop of the escalating Russia-Ukraine conflict, the gold price is likely to be firm, but upcoming Fed comments could strengthen sellers.
Technically, gold has all chances to test the previously broken channel boundary, but based on the technical and fundamentals, we can conclude that further growth may continue.

Resistance levels: 2665, 2686, 2700
Support levels: 2643, 2627

The price is heading towards the zone of liquidity and interest, from which a correction may be formed, after which the market may resume the growth of gold, as the interest to the metal as a hedge asset has returned.
Medium-term targets could be 2700-2750

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Regards R. Linda!