XAUUSD stops and forms consolidation within the range 2926 – 2894.9. A false break of support may bring the market back to its senses amid the bearish dollar rally
A weaker dollar and expectations of Fed policy easing are supporting demand for the metal despite a pause in Trump’s tariff measures.
Traders are waiting for key NFP data that could determine the future trajectory of the dollar and Fed policy. For today, all eyes are on Initial Jobless Claims.
Technically, gold within the 2926 – 2894 range is looking to test the liquidity zone on the support side as there is an unfilled fvg below 2894.9. Against the backdrop of gold’s bullish trend and falling dollar, the chances of a rebound are quite high
Resistance levels: 2926, 2942
Support levels: 2894.9, 2878.7
Price may test the daily low or fvg, form a false breakdown of one of the mentioned support zones and continue to rise after capturing liquidity within the global uptrend
Regards R. Linda!