📈 Countertrend correction, retest of 3345 before growth
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GOLD undergoing a deep correction after a false breakout of local resistance at 3433, has reached the support of the upward trend. Will the bulls be able to maintain the trend?
Gold held below $3,400 on Friday, rebounding from $3,350, and is poised to end the week higher. Investors are watching the conflict between Thailand and Cambodia, which is boosting demand for safe-haven assets, and are also awaiting decisions from the Fed and the Bank of Japan next week. The markets received additional support from US trade deals with Asian countries and progress in negotiations with the EU, easing fears of a tariff war.
As part of the correction, gold is testing trend support and the 3345-3337 zone of interest. A false breakdown, lack of downward momentum, and bulls holding prices above 3345 could trigger growth and a continuation of the main upward trend.
Resistance levels: 3375, 3383
Support levels: 3345, 3337, 3330
Technically, the support level of 3345 plays a fairly important role in the market. If, during the correction, the bulls manage to hold their ground above this zone, the prospects for recovery will be high, especially against the backdrop of geopolitical problems.