What changes in gold?Dear traders!
Gold prices are consolidating the previous recovery in a downtrend but remain limited in a narrow range near $2,350. Accordingly, News is ahead, we are waiting for the highly anticipated US Core Personal Consumption Expenditures Price Index, the Federal Reserve's preferred inflation measure, for momentum new directional force. You need to understand that in a downtrend and being forced, buyers and sellers will fight for levels, breaking the falling channel resistance will result in a significant increase in price while remaining below this level will result in reduced price. But! Amid a classic rising wedge formation and with it remaining at these high levels, the outlook is brighter and more reasonable to see gold break above the $2350 resistance with indirect support from the $2328 area. It is expected that if the upward momentum continues as planned, buyers will have many reasons to push the price to at least 2,400 USD.