GOLD → Readiness to test the local bottom

XAUUSD is under pressure from the rising dollar and uncertainty, breaking through support levels, which opens up a corridor for the market to fall to 3255 - 3246



The price of gold is consolidating around $3300 after falling more than 1% amid expectations of the Fed minutes and news about tariffs.
Investors remain cautious: the dollar is supported by hopes for US trade deals, while the threat of new tariffs from August 1 is holding back gold's growth.
Weak inflation data in China did not support the metal, while expectations that the Fed will not rush to cut rates due to inflationary pressure from tariffs are also limiting interest in gold. Traders are waiting for the Fed minutes and new statements from Trump to determine the further direction.
Technically, the market looks weak (on D1, the price closed below the key level of 3300 on Tuesday) and there is a chance of a further decline.

Resistance levels: 3300, 3311
Support levels: 3295, 3255, 3246

Consolidation below 3295-3300 could trigger a further decline to 3255, from which the market could react with a correction.
Buying can be considered if gold reverses the short scenario, manages to strengthen to 3311, and consolidates above this level. At the moment, the price is in the selling zone...

Best regards, R. Linda!