📈 A long squeeze of support could trigger growth
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GOLD continues to consolidate, Friday's long squeeze (false breakdown) of support provides an opportunity for growth amid geopolitical issues...
The dollar is strengthening against the backdrop of Thursday's economic data and Trump's geopolitical actions, but against this backdrop, gold is behaving quite cautiously and looks quite strong.
Trump said that tariffs on eight European countries could rise to 25% if Greenland is not sold to the US - more tariffs and an escalation of the trade war could lead to a strong market reaction.
In the new trading week, we are awaiting Trump's speech (high volatility possible), US GDP, Core PCE, and PMI. The data may set the medium-term tone for the market...
Resistance levels: 4593, 4621, 4639
Support levels: 4581, 4561, 4550
The long squeeze has shifted the market imbalance towards buyers. Locally, we are seeing consolidation in the 4581-4593 zone. A close above 4593 or a retest of 4581 could trigger further growth within the current trend