XAUUSD , after breaking out of its accumulation phase, rallied towards the 3400 zone of interest, but failed to reach liquidity and reversed, selling off its gains due to economic uncertainty.In my opinion, the market is unexpectedly subdued and has reacted very weakly to geopolitical problems in the Middle East. The market has digested the news of US airstrikes on Iranian nuclear facilities and is awaiting PMI data from the US and the eurozone, Fed statements, US GDP and other macroeconomic data. The uncertainty factor has done its job... Participants fear further escalation of the conflict, but so far Iran has refrained from taking drastic steps, which has reduced demand for gold as a safe haven asset. Geopolitics and macro statistics remain in focus.
Technically, gold is trading above 3340 (in the buy zone). A retest of the liquidity zone is possible, and if buyers keep the market above 3340-3350, the price may continue to rise.
Support levels: 3347, 3342, 3320
Resistance levels: 3366, 3396
On D1, the key level is the 3340-3347 area. At the moment, we are seeing a sell-off and a move to retest support. Accordingly, a false breakdown and price holding above 3340, followed by a change in character and a breakdown of the bullish structure, will hint at growth. But if the reaction at 3340 is weak and the market continues to storm this support, then in this case, the metal could drop to 3300
Best regards, R. Linda!
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