GOLD - Symmetrical triangle. One step away from the rally

Feb 26

XAUUSD is closing in a symmetrical triangle consolidation, awaiting a driver (news, negotiation results). The fundamental background is relatively favorable...

The dollar is stagnating and looks weak due to lower demand for the defensive USD and the hawkish policy of the Bank of Japan.
Uncertainty remains: US-Iran negotiations, Trump's tariffs
Gold is highly sensitive to geopolitics. The outcome of negotiations with Iran will be a key trigger: failure could push prices sharply higher, while success could trigger a correction. The fundamental background (weak dollar, rate expectations) remains bullish for now.
Technically, the focus is on consolidation boundaries. A rebound from support could trigger a breakout of resistance and a rally.

Resistance levels: 5210, 5238, 5310
Support levels: 5176, 5144, 5122

Consolidation in a symmetrical triangle pattern suggests that the market is doubtful about the future direction due to uncertainty. Within the consolidation, you can trade from the boundaries. However, a breakout of one boundary or another could trigger a rally in the direction of the breakout. Due to fundamental reasons, I am inclined to expect continued growth.

Best regards, R. Linda!

Feb 27

Trade active