GOLD → Retesting resistance may lead to a breakout

XAUUSD is still bullish. The price is consolidating in the range of 3390-3345, with an intermediate bottom forming inside the channel, which overall indicates positive signs.

On Thursday, gold is consolidating ahead of $3390. Consolidation after growth, within a bullish trend, is a good sign. But, on the one hand, the price is supported by growing tensions between Russia and Ukraine. On the other hand, optimism about US trade negotiations with Canada, the EU, and China is strengthening the dollar and holding back demand for gold.
Additional pressure on the dollar is coming from weak US macro statistics, especially ADP data and the decline in the ISM Services PMI, which have reinforced expectations of Fed policy easing. Traders are waiting for further signals from the regulator.

Resistance levels: 3391.4, 3414, 3435
Support levels: 3365, 3345

Technically, gold is rising and forming a retest of consolidation resistance. If the 3391 level is broken, the price may head towards 3435. Before breaking through resistance, a correction or retest of 3365 may form. However, consolidation near 3391 and a gradual squeeze towards the level will increase the chances of a breakout and growth.

Best regards, R. Linda!