XAU/USD sell from 3084, here are the key levels to watch:
– *Immediate Support*: 3054 and 3032
– *Key Support*: 3000, a crucial level to maintain the bullish trend
– *Stop-Loss (SL)*: 3110, to limit potential losses if the price moves against your position
From a technical perspective, the path of least resistance for the Gold price remains to the upside, driven by safe-haven demand amid global trade war tensions and a potential US economic slowdown. However, the Relative Strength Index (RSI) on the daily chart is already flashing overbought conditions, warranting some caution.
The XAU/USD pair has been forming a correction within a descending channel, and the situation is becoming increasingly complex due to uncertainty around US tariff policies. Any corrective slide now seems to attract some dip-buyers near the $3,054-3,048 horizontal zone, which should help limit the downside for the Gold price near the $3,032-3,030 region.
In terms of economic indicators, investors are waiting for the US Personal Consumption Expenditure (PCE) Price Index data to gauge the trajectory for further rate cuts, which will influence the USD price dynamics and provide a fresh impetus to the non-yielding yellow metal ¹.
Keep your best wishes to the Travis