Gold Faces Strong Resistance Amid Market Speculation- Up Again?
Gold Faces Strong Resistance Amid Market Speculation
Today, gold encountered strong resistance near the top of the structure at 2726.
Following the release of US CPI and PPI data, the price couldn't manage to rise further.
The market began speculating about a possible rate cut from the FOMC, debating whether it would be 25 bps or 50 bps.
However, the bearish wave erased almost -1.9% in a few hours, which is a significant movement for gold in a single day.
Given the ongoing conflict in the Middle East, interest rate speculation should be seen as normal, and the price is likely to rise again from the current zone.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Today, gold encountered strong resistance near the top of the structure at 2726.
Following the release of US CPI and PPI data, the price couldn't manage to rise further.
The market began speculating about a possible rate cut from the FOMC, debating whether it would be 25 bps or 50 bps.
However, the bearish wave erased almost -1.9% in a few hours, which is a significant movement for gold in a single day.
Given the ongoing conflict in the Middle East, interest rate speculation should be seen as normal, and the price is likely to rise again from the current zone.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
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