TRADE SETUP

Where do we stand fundamentally?

Uncertainty over U.S. President Donald Trump’s tariff policies and his criticism of Federal Reserve Chair Jerome Powell have fueled gold’s rally. Concerns about U.S. financial stability and a potential recession are boosting demand for gold as a hedge.

XAUUSD reached the 3500 level, which could be the top of a long-term third upside wave. A rejection here and a significant break below 3300 could lead to a test of 3000 in the coming days.

We need a sustained breakout above 3500 for the rally higher to continue. A break below 3300 would accelerate the downside reversal and lead to a 3000 test.

_{I am taking a near-term short-trade entry with an SL above 3450 to target 2950.}