GOLD → Consolidation. 4269 - trigger. Chances for growth?

20 thg 10

Gold is consolidating due to uncertainty. On Friday, the market broke its local structure, which slightly changed sentiment. Focus on current consolidation.



Key drivers of the week: Trump's threat to impose 100% tariffs on Chinese imports and China's response supported demand for safe havens. Problems with regional banks (Zions, Western Alliance) and the fall in Treasury bond yields below 4% increased the inflow into gold. Powell maintained a neutral tone, but markets are expecting two rate cuts in 2024.
All eyes are on inflation data, US-China negotiations, developments between Russia, the US, and China; any de-escalation of the situation could trigger a correction.
Technically, the upward trend in gold remains relevant. Corrections will be bought up as long as uncertainty surrounding trade policy, the banking sector, and the Fed's monetary policy persists.

Resistance levels: 4269, 4316
Support levels: 4251, 4218

At the moment, a pre-breakout base is forming around 4269. If the structure remains intact and the price continues to attack resistance, the chances of a breakout and growth will be high. Otherwise, a close below 4251 could trigger a retest of 4218.

Best regards, R. Linda!

20 thg 10

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21 thg 10

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