GOLD - Correction or trend reversal? Interest in 5000...

Jan 30

XAUUSD is correcting, heading towards the $5000 liquidity and interest zone after record growth and the formation of an ATH of 5597. The reason is the temporary strengthening of the dollar against the backdrop of the US budget deal and profit-taking.



Key pressure factors
The dollar strengthened on optimism over the Senate deal to fund the US government. Trump's statements: he ruled out military intervention in Iran (reducing geopolitical hedging), but maintained threats of tariffs against Canada and Cuba.
However, risks of the Fed losing its independence (possible replacement of Powell), prospects for rate cuts. Geopolitical tensions (Trump's threats on tariffs, the situation with Iran) support demand for safe havens.

The correction in gold looks natural after its parabolic rise. Long-term drivers (geopolitics, pressure on the Fed) remain, so the decline may attract buyers. Further dynamics depend on the tone of the new Fed chair and inflation data.

Resistance levels: 5110, 5186, 5238
Support levels: 5046, 4988, 4901

Despite the breakdown of the local trend, a correction is forming within acceptable limits on a global scale. The zone of interest is 4988-5000, which gold may test before rebounding to 5110-5200. Gold may close in consolidation at 5000-5250 after a strong liquidation. It is important to monitor the market's reaction to key levels!

Best regards, R. Linda!

Jan 30

Note

Technically, based on the second chart:

Gold's nearest support, on the daily timeframe, is located in the 4630-4655 zone.
As part of the dump, we should expect the market to pause, and an intermediate bottom may form, which will allow us to develop short-term strategies.
In the current zones, locally, I would focus on the following areas for now: 4940, 4780, 4740
(based on the analysis on D1, however, H1 - M15 is more informative)

Jan 30

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