XAUUSD faced pressure in the 3430 zone, traders moved into profit-taking mode, triggering a correction. The price entered the sell-off zone...On Thursday, gold is trading below $3400 as traders assess progress in US-EU trade talks and await preliminary PMI data from the US and the EU. These indicators could influence expectations for Fed and ECB rates. Optimism is being bolstered by reports of trade agreements between the US and Japan and other countries. The ECB is expected to keep rates unchanged, while the probability of a Fed rate cut in September is estimated at 60%. Investors are also watching Trump's conflict with Powell amid his visit to the Fed. Technically, the daily market structure is not broken, and a correction is forming within acceptable limits.
Based on the current direction, the market may test the intermediate bottom: trend support, the 3345-3320 area.
Resistance levels: 3375, 3383, 3400.
Support levels: 3345, 3320
A retest of resistance at 3375-3383 is possible. If the bears keep the price below this zone, the metal may continue its correction phase towards the zone of interest indicated on the chart. Local sell-offs have not yet broken the bullish daily structure.
However, the absence of a downward impulse and consolidation in 3375 - 3383 with a subsequent breakout of local resistance could increase demand again, which would generally lead to premature growth to 3400 - 3435.
Best regards, R. Linda!
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🌹TRADING is a CASINO💔!?
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