XAUUSD Trade Alert
Gold resumed its growth at the beginning of the week, reaching five-month highs around $3480 amid declining risk appetite and expectations of Fed policy easing. Trading activity remains low due to holidays in the US and Canada.Key drivers: Weak Asian markets and uncertainty surrounding Trump's trade policy are supporting interest in gold. The probability of a rate cut in September is estimated at 90% after last week's PCE data.Overall, the market maintains its momentum towards record levels ($3500), but low liquidity may increase volatility.Technically, gold is strongly bullish. The price is striving to test the ATH - 3500. Before that, consolidation or a retest of the 3469-3460 zone may form. The dollar is weak at the moment and continues to trend downward, which generally supports gold.
Resistance levels: 3484.8, 3500Support levels: 3469.5, 3460
The current gold price is $3,684.19 per ounce, with a 0.15% increase from the previous day. Here's a brief forecast based on recent trends and analyst predictions ¹:Short-term Forecast:Analysts expect gold prices to fluctuate within a medium-term uptrend, with potential targets at $3,735-$3,720 or a downward correction to $3,450-$3,435.Buying near support levels of $3,450-$3,435 could be a good strategy, with targets at $3,517 and $3,600.
