GOLD - Recovery. Pullback before growth to 5250...

XAUUSD continues its steady recovery. Against the backdrop of a rising dollar, the price of the metal looks quite strong... The rebound is due to the return of demand for safe-haven assets.

Geopolitics: US-Iran and new stages of escalation in the Russia-Ukraine conflict after a brief respite.
Uncertainty surrounding Fed policy under likely chair Kevin Warsh: on the one hand, expectations of lower rates, on the other, his reputation as a “hawk” and plans to reduce the Fed's balance sheet.
End of the shutdown and dollar weakness: The signing of the funding bill ended the partial US government shutdown, but delays in data releases (employment report) remain, which is holding back the dollar and supporting gold.
Today, the market is awaiting the ADP private sector employment report and the ISM Services PMI. The data will determine short-term market sentiment.

Resistance levels: 5100, 5150, 5250
Support levels: 5050, 5000

Technically, the local trend coincides with the global one, which generally indicates a bullish market sentiment. The formation of local movement and intraday bars indicates the presence of bulls.
Before breaking through 5100 and continuing to grow, the market may test the support zones: 5050 / 5000. A long squeeze and holding the price above key zones may resume growth.

Best regards, R. Linda!