GOLD → Resistance retest before falling

2 days ago

XAUUSD is consolidating and deliberately approaching the resistance 2667. The upward market structure is focused on a breakout of the resistance. But the other question is whether the breakout will happen, because the sticks in the form of economic data have been in the wheels for a long time now



Based on the market behavior, we can assume that before the possible fall there may be a liquidity grab and a retest of the key resistance, as buyers became more cautious after the discouraging data on inflation in China and hawkish Fed meeting minutes.
To be honest, gold's current rise is not clear to me as there is no reason for it except for Trump's tariff plans towards multiple countries. Fundamental data is negative, there is no new news from hot spots, the dollar is rising, global inflation is rising, the Fed has become hawkish, there are so many nuances providing resistance to the metal.

Resistance levels: 2667, 2675
Support levels: ascending line, 2656

Technically the structure is bullish and in the short term I am waiting for an attempt to break the resistance 2667. In this case a retest of the zones of interest 2675, channel resistance or 2692 from which a correction can be formed is possible.

Regards R. Linda!

2 days ago

Note

Supplemental Scenario:
Pressure from bears will intensify, price will fail to break 2667 and will head towards the support of the figure.
A breakdown of the triangle base will trigger a strong impulse to the channel support

2 days ago

Trade active

The price reaches the local zone of interest and then you need to watch the reaction. Judging by the price behavior we have a chance to continue the upward movement

2 days ago

Trade closed: target reached