GOLD → Countertrend correction. What to do in this case?

3 968
XAUUSD, after a bull run, bumps into strong limit resistance at 3244 and enters a correction phase, which is generally a logical maneuver amid strong gains.

GOLD → Price is consolidating, but to what end? Growth?


Gold corrects from Friday's record $3,245 and moves back to $3,200 amid improving market sentiment and progress in trade talks. The price pared gains after a strong weekly rally, reacting to U.S. concessions on tariffs on Chinese electronics and China's pledges to boost economic stimulus. Additional influences come from the dialog between the US and Iran, as well as the anticipation of China's GDP and trade data for March. Despite the pullback, downside may be limited due to ongoing uncertainty.
Technically, it is worth looking at the 3187 - 3167 conglomerate of support, which can stop (temporarily or even turn the price upward) a strong and sharp decline, as the fundamental backdrop within the tariff war is still tense.

Resistance levels: 3244, 3270
Support levels: 3187, 3174, 3167


The rally is temporarily halted, but there is no talk of a trend reversal, as the tariff war fire is still burning, Trump or Xi Jinping may add to the fire....
Within the framework of counter-trend correction, the emphasis is on the support of 3187, 3174, 3167 from which we can trade a false breakdown and catch the price rebound.

Regards R. Linda!

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