GOLD - Correction within the local downtrend
FX:XAUUSD stabilizes after correction, returning above $4750 after testing the $4400 area earlier in the week. However, the overall trend remains under pressure.
Key factors: DXY remains strong, limiting gold's growth. Tensions between the US and Iran have eased slightly, reducing demand for gold as a safe-haven asset. The appointment of Kevin Warsh, who is considered a proponent of tighter fiscal policy, has supported the dollar.
The market is awaiting the release of the US ISM Manufacturing PMI, which will set the tone ahead of employment data. This data will adjust expectations for future Fed rate cuts.
Despite a short-term recovery, gold remains in a downward correction amid a strong dollar and reduced geopolitical risks. The latest economic data from the US will determine the dynamics.
Resistance levels: 4470 - 4475, 4885
Support levels: 4696, 4583, 4432
Technically, I expect a retest of the nearest resistance; the market may react with a pullback/decline to support.
Best regards, R. Linda!