XAUUSD retreated from the $4,245 level reached on Monday. A countertrend correction is forming ahead of the news. But buyers are not sleeping...Weak US economic data has heightened expectations of an imminent Fed rate cut. The PMI index in the US manufacturing sector continued to contract. The market estimates the probability of the Fed easing policy next week at 87%.
However, rising US Treasury yields and fears that the Fed may send cautious signals after its December decision are limiting gold's growth.
Market attention is shifting to ADP employment data and the US services business activity index (ISM Services PMI), which will be released on Wednesday. They will provide new signals about the health of the US economy.
The correction in gold appears to be under control amid continuing macroeconomic uncertainty. The 4200, 4193-4173 level remains an important area of struggle between bulls and bears.
Resistance levels: 4211, 4245
Support levels: 4193, 4173
A false breakdown and the bulls holding the market above the above support zone could trigger growth within the trend.
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🌹TRADING is a CASINO💔!?
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