GOLD → Intermediate bottom. Consolidation before growth

XAUUSD is being sold off and declining amid profit-taking following speeches by Powell and Trump. However, the market is quite aggressive amid falling interest rates. After forming an interim bottom, the market quickly bought back the decline.

Gold is correcting after record growth, awaiting new signals from Fed representatives and PCE inflation data on Friday. The price remains close to historic highs, but the upward momentum has temporarily slowed, with consolidation forming at 3752-3791.

Key factors: Powell gave no clear hints about future rate cuts, noting the risks of rising inflation and a weakening labor market. The probability of a rate cut in October has risen to 92%, but the Fed's sentiment index is fluctuating somewhat...
The risk of a US government shutdown on October 1 and mixed PMI data are holding back the USD's strengthening.
Technically, gold remains in a bullish trend, but consolidation is possible in the short term. PCE data will be the deciding factor — weak figures will support the metal, while strong figures will trigger a correction.

Resistance levels: 3776.9, 3791, 3800
Support levels: 3767, 3752, 3738

The price is consolidating. Before reaching 3791-3800, there may be a retest of local support. Similarly, a retest of the ATH may also trigger a small pullback of 1/2 of the impulse before a breakout and growth to the specified targets.

Best regards, R. Linda!