GOLD - TRADING IN ASCENDING CHANNELSymbol - XAUUSD
Gold has been oscillating near the support level of 2762 since the session's opening. The probability of a retest of the all-time highs remains elevated. The dollar's current correction provides opportunities for bullish movements. Traders are experiencing profit-taking while awaiting the Federal Reserve's statements and the Trump administration's stance on trade tariffs. U.S. tariff policies, along with PMI data, continue to shape market sentiment, impacting both the dollar and gold. From an economic perspective, the upcoming week holds significant importance with key events such as the Fed's rate decision, U.S. GDP report, and PCE data release.
From a technical standpoint, gold has tested a critical support zone, though it has yet to reach the risk area where a trend reversal might be expected. It appears that less committed market participants have exited their positions, securing profits.
Resistance levels: 2760, 2790
Support levels: 2750, 2745
The primary focus at this stage is on the 2760 support level. Should gold manage to establish a sustained move above this level, a potential rise toward 2790 can be anticipated. However, this remains a pivotal zone that continues to attract the attention of speculators. We expect a retest of the ATH and anticipate a possible false breakout in the near term.
