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GOLD - Correction before continuing the rally to 3450

GOLD Forecast
👑 Ideas For #XAUUSD / #GOLD

📈 Correction before continuing the rally to 3450

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GOLD updates its local maximum to 3401.5 and enters a consolidation phase ahead of news. The dollar correction gives speculators a chance...

The price of gold is correcting from 3400. The reason is profit-taking ahead of Powell's speech at 12:30 GMT and waiting for clarity on US trade negotiations with the EU and Japan before August 1.

Gold remains sensitive to the progress of negotiations and the dynamics of the dollar, which is weakening amid political uncertainty, declining yields, and pressure on the Fed from Trump.

Technically, after exiting consolidation and retesting 3400, the price is entering a local consolidation phase.

Focus on key levels: 3401, 3382, 3375. A false breakdown of support could trigger a recovery phase.

Resistance levels: 3402, 3393

Support levels: 3382, 3375, 3362.75

The distribution phase has been halted by resistance, and the price has moved into a countertrend correction due to uncertainty. Markets are waiting for positive signals from the Fed. Local and global trends are bullish, which may support the price overall...