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R.Linda Trading - forecast

GOLD / XAUUSD - Correction within the local uptrend

GOLD Forecast
👑 Ideas For #XAUUSD / #GOLD

📈 Correction within the local uptrend

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GOLD is testing 5000, the first attempt was unsuccessful, but there is still a chance for further growth. Geopolitical support is the main driver

Renewed demand for safe-haven assets due to the lack of breakthrough in Russia-Ukraine negotiations and the rapid escalation of the US conflict with Iran.

The Fed minutes were rather hawkish, but the market maintained expectations of three 0.25% cuts this year, which supported gold.

The strengthening of the USD is supported by capital inflows into the US and expectations for Friday's inflation (PCE) and GDP statistics. Friday's statistics will determine the further direction: weak inflation data could push the price above $5,000, while strong data could bring back pressure.

Resistance levels: 5018, 5046, 5090

Support levels: 4988, 4963, 4944

Locally, after updating the maximum, a correction is forming for the hunt for liquidity. Focus on 4988 - 4963. If the bulls hold their defense above the support level, growth may continue. Local targets are 5018 and 5046