GOLD → Consolidation after the fall. Trading inside the range
XAUUSD is forming consolidation in a new bearish plane after a strong fall on Wednesday. The emphasis is on 2622 - 2581. The fundamental background is negative and technically the price is testing the lows. On Wednesday, the Fed adopted a more conservative approach to monetary policy, laying down only 2 rate cuts in 2025, which generally had a negative impact on the whole market except for the dollar, which is breaking through local highs.
Today traders await the release of the PCE, which is the Fed's preferred measure of inflation. Any surprise in the PCE data or an escalation of political uncertainty could push metal prices up.
From a technical point of view, the gold market remains in the previously mentioned consolidation, and prices fluctuate in wide ranges, which is generally logical for the end of the calendar year: reduced liquidity and increased volatility...
Resistance levels: 2616, 2622
Support levels: 2589, 2581, 2560
Since the price is inside the consolidation, it is worth considering trading from the boundaries of this range. In the long term, I expect a retest of the key resistance 2616-2622 in the form of a false breakdown and a fall towards local lows
Regards R. Linda!
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