#GOLD - Consolidation before the rally. Focus on 5090
$XAU USD is storming 5089 as part of a bullish trend. There is a high probability of a breakthrough, but before that, the market may form a correction. Tomorrow is NFP...
The dollar is falling, and against this backdrop, gold looks like a strong asset in terms of buyer interest.
The projected slowdown in retail sales and weak NFP expectations are supporting expectations of a Fed rate cut. The dollar is under pressure due to rumors of Chinese banks diversifying away from US Treasury bonds. Overall, this supports the bullish trend for the metal.
Core Retail Sales, NFP (a key indicator for the Fed), and CPI will determine the inflation trend and the Fed's future policy
Technically, gold is in a bullish trend, but before rising, it may test the following support levels: 4985, 4902 (sharp long squeeze).
Resistance levels: 5089, 5100, 5250
Support levels: 4985, 4902, 4812
The market continues to approach resistance at 5089, a break of which could trigger a rally to 5250-5400. However, it is possible that a correction could form before the news before growth. Focus on key levels
XAUUSDT
Perp
5,035.68
+0.02%
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