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CPI continues to push, new short uptrend, raw price $2,400Data showed US consumer prices rose less than expected in April, raising the possibility of an interest rate cut by the Federal Reserve, the dollar weakened and US Treasury yields fell, gold prices rose because expectations of interest rate cuts will make haven assets like gold more attractive. A gauge of core U.S. inflation cooled in April for the first time in six months, a small step in the right direction for Fed officials looking to start cutting interest rates this year. Bureau of Labor Statistics data also showed that year-over-year gains fell to a three-year low. The Fed is attempting to ease price pressures by weakening demand across the economy. The report released by the US Bureau of Labor Statistics on Wednesday showed that, after seasonal adjustment, the US Consumer Price Index (CPI) increased 3.4% year-on-year in April, matches expectations. The CPI in March increased by 3.50% over the same period last year. US CPI in April increased by 0.3% over the previous month, lower than the expected 0.40%, and CPI in March increased by 0.40% over the previous month. This is the first time in 6 months that the US CPI growth rate has decreased. According to the CME FedWatch tool, traders now see about a 74% chance the US will cut interest rates in September. Analysis of technical prospects for OANDA:XAUUSD After breaking the $2,366 level yesterday, gold has also confirmed the breakout of the falling price channel and now the target increase could be aimed at the raw price point of $2,400 in the short term and more to the $2,417 level. In addition, gold also forms an increasing price channel in the short term and this will technically be the trend price channel for gold prices in the near future. As long as gold remains above the EMA21 and within the price channel, the outlook is technically bullish. During the day, the uptrend in gold prices will be noticed by the following technical levels. Support: 2,377 – 2,366USD Resistance: 2,400 – 2417USD 🪙SELL XAUUSD | 2411 - 2409 ⚰️SL: 2415 ⬆️TP1: 2404 ⬆️TP2: 2399 🪙BUY XAUUSD | 2364 - 2366 ⚰️SL: 2360 ⬆️TP1: 2371 ⬆️TP2: 2376
OANDA:XAUUSD
by Xayah_trading
3 Fed officials released many comments, GOLD has a narrow rangeOANDA:XAUUSD after a correction on Thursday, it remained within a short-term uptrend and the market was affected by some comments from Fed officials. Three senior Fed officials said the central bank should keep interest rates high longer as policymakers await more evidence of slowing inflation, suggesting officials are in no rush to cut interest rates. Hawkish comments from Federal Reserve officials have supported the dollar and put pressure on gold prices, limiting the upside potential for gold prices. Cleveland Fed President Loretta Mester, New York Fed President John Williams and Richmond Fed President Thomas Barkin all said Thursday that inflation could take longer to reach the 2% target. • Mester said Thursday at an event in Wooster, Ohio: “Incoming economic information suggests that it will take longer to reach the inflation target, we have many limitations and need to maintain longer policy,” said Mester, who has the right to cast a deciding vote this year. • Williams, the Fed's "No. 3 voice," made similar comments in an interview with Reuters published on Thursday, saying he saw no reason to adjust monetary policy bad right now. “I don't expect to see the greater confidence we need to see in the short term that inflation is moving towards the 2% target,” Williams said. • Barkin told CNBC on Thursday that demand will need to cool further for inflation to reach the Fed's target. He noted that commodity inflation has dropped significantly as supply chains have been repaired. “To get to 2% sustainably in the right way, I think it's going to take a while,” said Barkin, who also has a vote on policymaking this year. • Federal Reserve Chairman Jerome Powell said Tuesday that officials will “need to be patient and let restrictive policies work.” Fundamentally, gold is being constrained by comments from Fed officials yesterday, but looking ahead it is clear that the longer term path remains supportive as market sentiment Overall, it shows that the Fed will cut interest rates. Once interest rates are cut, gold prices will continue to increase because gold prices priced in Dollars will become more attractive when the US Dollar weakens. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold is trading in a fairly narrow range after yesterday's short correction. However, the main short-term trend is still maintained as an uptrend with the price channel as the main trend. As long as gold remains above the 21-day moving average EMA21, it is still supported in the medium term. Only when gold is sold off below EMA21 to return to operating within the price channel will a more negative situation be eligible to occur, meaning that open long positions should be protected behind EMA21. On the other hand, at the present time gold is still expected to increase with a short-term target level at the original price of 2,400 USD and more than 2,417 USD. During the day, the rising prospect of gold prices will be noticed by the following technical levels. Support: 2,376 – 2,366USD Resistance: 2,400 – 2,417USD 🪙SELL XAUUSD | 2411 - 2409 ⚰️SL: 2415 ⬆️TP1: 2404 ⬆️TP2: 2399 🪙BUY XAUUSD | 2356 - 2358 ⚰️SL: 2352 ⬆️TP1: 2363 ⬆️TP2: 2368
OANDA:XAUUSD
by Xayah_trading
GLD: Bearish Alternate Bat HOP Level Reached: Reversal LikelyThe yields within the bond market are hinting towards a reversal in Gold and potentially other metals today, however, Gold right now is sitting at the HOP level of a Bearish Alt-Bat. If GLD were to reverse here, we would see it as a type 2 return which could result in Bearish price-Action beyond just the intra week but extended to the entire macro trend as a whole. I will be playing this via multiple OTM /GC Bear Put Vertical Spreads on the monthlies and may potentially start playing cheaper bearish plays on a week by week basis.
AMEX:GLDShort
by RizeSenpai
GOLD → Traders don't know what to do. Struggle for 2417FX:XAUUSD is stopping and forming a consolidation between 2400-2450, but at the moment the consolidation resembles a descending triangle. What's going on? The price breaks the local ascending support line in the correction phase, which makes traders panic (some start selling, others start actively buying). But the candlestick setup suggests that the buyer is still in the game. The market maker may shake down to liquidate traders. A retest of 2407-2400-2397 (ascending support line) is possible before further growth. The trend is bullish ( locally and globally ), while the market is waiting for the FOMC speech, which will be held today at 18:00GMT Resistance levels: 2417, 2426 Support levels: 2406, 2400 FOMC comments may warm up the crowd. Gold traders are in neutral stance for now and forming a range due to lack of understanding of the local environment. Consolidation above 2417 will renew the bullish potential. Regards R. Linda!
FX:XAUUSDLong
by RLinda
23
XAUUSD. Weekly trading levels 20 - 24.05.2024Not much has changed on Gold. We haven’t been to the top yet, there’s no data there. If we update the historical maximum, you can find out more in the Daily Gold posts. During the week you can trade from these price levels. Finding the entry point into a transaction and its support is up to you, depending on your trading style and the development of the situation. Zones show preferred price ranges WHERE to look for an entry point into a trade. If you expect any medium-term price movements, then most likely they will start from one of the zones. Levels are valid for a week, the date is in the title. Next week I will adjust the levels based on new data and publish a new post. ! Please note that brokers have a difference in quotes, take this into account when trading. The history of level development can be seen in my previous posts. They cannot be edited or deleted. Everything is fair. :) ---------------------------------------------- I don’t play guess the direction (that’s why there are no directional arrows), but zones (levels) are used for trading. We wait for the zone to approach, watch the reaction, and enter the trade. Levels are drawn based on volumes and data from the CME. They are used as areas of interest for trading. Traded as classic support/resistance levels. We see the reaction to the rebound, we trade the rebound. We see a breakout and continue to trade on a rollback to the level. The worst option is if we revolve around the zone in a flat. Do not reverse the market at every level; if there is a trend movement, consider it as an opportunity to continue the movement. Until the price has drawn a reversal pattern. Don't forget to like Rocket and Subscribe!!! Feedback is very important to me!
FOREXCOM:XAUUSD
by Forex_Hoby
Fed is "hawkish", GOLD corrects and stays above EMA21OANDA:XAUUSD remains weak on the recovery of the US Dollar and the release of the US Producer Price Index (PPI) and Consumer Price Index (CPI) later this week will be the focus of market attention. Traders need to prepare for a busy period of economic data and events in the United States (US), which will include inflation data, retail sales data and a speech from the Chairman of the Reserve Federal Jerome Powell on May 14. Earlier Monday, Federal Reserve Vice Chairman Philip Jefferson spoke to the media during a question-and-answer session at the Cleveland Fed. He said it would be appropriate to keep interest rates steady until there is further evidence that inflation will return to the central bank's 2% target. Jefferson described the Fed's policy as restrictive and said the lack of progress in inflation in the first quarter was worrying. Meanwhile, the US Bureau of Labor Statistics (BLS) is expected to release April consumer and manufacturing inflation data on May 14-15. If price pressures pick up again, the Fed could keeping interest rates higher “longer” and of course this is not beneficial for gold prices. Rising inflation expectations suggest the Fed may continue to delay expected interest rate cuts. This is not good for gold because higher interest rates increase the opportunity cost of holding gold compared to interest-earning assets like bonds or cash. Hawkish comments from Federal Reserve officials continued to factor into a sharp correction in gold prices on Monday. According to IMF data, Singapore increased its gold holdings by 4,448 tons to 236,610 tons in March 2024; Iraq increased its gold holdings by 3,079 tons to 145,661 tons in February 2024; Poland increased its gold holdings by 11,626 tons to 145,721 tons; 4,666 tons to 363,371 tons in April 2024. Technical analysis of OANDA:XAUUSD outlook On the daily chart, although the gold price has corrected significantly from the upper channel edge to maintain the main downtrend price channel, the correction from the $2,366 technical point is of note to readers in the release of the issue. The interim week is also being constrained by the EMA21 level and the technical point of 2,330USD. The fact that gold is still above EMA21 does not make it eligible to fall more. However, once gold moves below $2,330 it will be eligible for more declines with the highest short-term target being the 0.236% Fibonacci retracement level. During the day, gold is still trending downward and notable technical levels will be listed as follows. Support: 2,335 – 2,330USD Resistance: 2,353 – 2,366USD 🪙SELL XAUUSD | 2356 - 2354 ⚰️SL: 2360 ⬆️TP1: 2349 ⬆️TP2: 2344 🪙BUY XAUUSD | 2305 - 2307 ⚰️SL: 2301 ⬆️TP1: 2312 ⬆️TP2: 2317
OANDA:XAUUSD
by Xayah_trading
1
PPI rises, but GOLD is supported by USD and YieldsOANDA:XAUUSD remained strong as the Dollar and US Treasury yields weakened, although data showed US producer prices rose more than expected in April, suggesting inflation remained high. Federal Reserve Chairman Jerome Powell said Tuesday that his confidence that inflation will continue to cool is no longer as high as it was at the beginning of the year and that the Fed needs to be patient before cutting interest rates. “I would say (the producer price index) is actually quite mixed,” Powell said. As for when the Fed will cut interest rates, Powell noted that the Fed's current restrictive stance may take "longer than expected to take effect and reduce inflation." “I do think the real issue is keeping policy at current interest rates longer than expected,” Powell said. According to the latest producer price index (which measures the price of goods produced by manufacturers), wholesale prices rose 0.5% month-on-month in April, above the market consensus of 0. 3%. Excluding the volatile food and energy categories, "core" PPI also rose 0.5% in April, exceeding expectations for a 0.2% increase. However, it is worth noting that the monthly price increase in March was revised down to 0.1% from the initial increase of 0.2%. U.S. producer prices rose more than expected in April as the cost of services and goods rose sharply, prompting traders to cut bets on the first interest rate cut in September. As a basic rule, the newly released PPI data is not beneficial for gold prices. However, because the Dollar and US Bond Yields faked together, gold was chosen and increased in price. According to CME "Fed Watch" data, the probability of the Fed keeping interest rates unchanged in June is 96.7% and the probability of cutting interest rates by 25 basis points is 3.3%. Gold is considered a hedge against inflation, but higher interest rates increase the opportunity cost of holding non-yielding gold. The focus now turns to US consumer price data due today (Wednesday), which could provide clearer guidance on Federal Reserve interest rate cuts this year . Analysis of technical prospects for OANDA:XAUUSD Gold has increased significantly after receiving support from EMA21, which readers noticed in previous publications. However, the gains were limited by the price channel with an important resistance level noted at 2,366USD. In the short term, if gold breaks and rises above the $2,366 technical level it will be eligible for further upside with confirmation of a bearish channel being broken above. This means that open short positions should be reasonably protected behind the $2,366 level. On the other hand, at the time this publication was being completed, gold was still trending down from the price channel, with a new downtrend to be opened if gold managed to fall below the EMA21, confirmed by a drop below 2,330USD level, then the target level is noticed at the 0.236% Fibonacci point. In the short term, gold still tends to decrease in price and the bullish case is noted by readers above. Below are the notable technical levels for the day. Support: 2,335 – 2,330USD Resistance: 2,360 – 2,366USD 🪙SELL XAUUSD | 2393 - 2391 ⚰️SL: 2397 ⬆️TP1: 2386 ⬆️TP2: 2381 🪙BUY XAUUSD | 2321 - 2323 ⚰️SL: 2317 ⬆️TP1: 2328 ⬆️TP2: 2333
OANDA:XAUUSD
by Xayah_trading
GOLD → Fighting for levels. When do we go to 2500?FX:XAUUSD is forming a correction to the liquidity area after ATH update. To continue the growth the market needs to get confirmation from the bulls. The price still looks quite confident. A corrective wave is being formed, confirming the end of the impulse bullish wave and the market's readiness to go for a fifth, which in general determines the medium-term prospects for us. The strong support area is the zones: 2417, 2400. Most likely, before further growth, the market may test these liquidity zones, but, a good signal and confirmation of readiness to go up will be the closing and consolidation of the price above 2417 and 2431. Support levels: 2417, 2497, 2397 Resistance levels: 2431, 2437, 2450 Now there is a struggle between traders for strong levels, fundamentally and technically the bulls have the advantage, it is necessary to wait for confirmation on the chart, in order to take some measures for trading. Regards R. Linda!
FX:XAUUSDLong
by RLinda
9
XAUUSD Short-term Channel Up.Gold (XAUUSD) is trading within a short-term Channel Up pattern since the May 03 Low, essentially throughout the whole month, and currently the price is consolidating below the 1H MA50 (blue trend-line). Such consolidation within the 1H MA50 and the 1H MA100 (green trend-line) took place on every single Higher Low formation at the bottom of the Channel Up. At the same time, the 4H RSI hits its Higher Lows trend-line. The minimum Bullish Leg % within this Channel Up has been +2.44% and the maximum +3.35%. As a result, we turn bullish now on Gold with a 2465 - 2485 Target Zone. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSDLong
by TradingShot
GOLD Market Outlook: Accumulation Phase and Bullish PotentialGold prices extended their gains on Monday, trading just below the all-time high of $2,450 reached during the Asian session. This movement is driven by growing expectations that major central banks, including the Federal Reserve, may ease monetary policy in 2024. After hitting the peak at $2,450, the price experienced a retracement to the 50% Fibonacci level, which coincides with a high-value area and the 20-period VWAP moving average. This confluence of technical factors suggests that the price may be entering an accumulation phase, indicating the potential for a new swing high driven by a bullish impulse. If the market transitions to a distribution phase, the price is likely to revert below the 78.6% Fibonacci level, which has been identified as our stop loss. This level provides a crucial support point that, if breached, could signal a significant shift in market sentiment. This week, the U.S. economic docket will be heavily influenced by statements from Federal Reserve (Fed) officials, leading up to the release of the latest Fed meeting minutes on Wednesday. These minutes will offer insights into the Fed's current stance on monetary policy and potential future actions. Additionally, on Thursday, the U.S. Initial Jobless Claims report is expected to provide further evidence of a cooling labor market. This report, coupled with the Chicago Fed National Activity Index, will be closely watched for indications of broader economic trends. Market participants should pay close attention to these developments, as they will likely influence gold prices and overall market sentiment. The interplay between technical indicators and fundamental economic data will be key in determining the next major move in gold prices. As always, traders are advised to stay informed and adjust their strategies accordingly in response to evolving market conditions. In summary, gold prices are positioned just below their historical peak, with technical indicators suggesting potential for further gains. However, the upcoming economic data and Fed communications will play a critical role in shaping market dynamics in the near term. Maintaining a close watch on these factors will be essential for navigating potential market shifts and making informed trading decisions.
OANDA:XAUUSDLong
by FOREXN1
1
GOLD → ATH Update. What are the reasons? Next up is 2500? FX:XAUUSD has been breaking through ATH and testing 2450 since the opening of the session. Possible reasons could be fundamentally weak dollar, as well as geopolitical reasons related to Iran Earlier we defined exactly the end of the correction, the intermediate bottom at that moment was the area of 2300 and since that moment the price has overcome the way of 150 dollars or 6%. The bulls are back in the market and traders are ready to support the acutal trend. It is worth paying attention to the support of 2431, 2417, it is possible the beginning of a small correction (assumed 4th wave), within which the price can test the above mentioned areas of liquidity before further growth. Support levels: 2431, 2425, 2417 Resistance levels: 2450, 2475 The bulls will actively defend the nearest liquidity areas and strong support levels, as these are the risk areas for the buyer. The trend may get its continuation either after a pullback or when the price breaks through and consolidates above 2450 Regards R. Linda!
FX:XAUUSDLong
by RLinda
17
GOLD (GCM2024, XAUUSD)... BULLISH BIAS!Bias is Bullish. Price is moving up with convincing momentum. Respecting bullish PD Arrays, disrespecting bearish ones. No signs of reversal. The intent to reach the DOL/Swing High seems clear. The expectation is for Gold to make further gains. A potential pullback to 2400 area would make sense as a zone to buy from, as buying from the top is not recommended. Thank you for viewing! Leave any questions or comments in the comment section. I appreciate any feedback from my viewers! Like and/or subscribe if you want more accurate analysis. Thank you so much! May profits be upon you.
COMEX:GC1!Long
by RT_Money
1
New Support & Resistance for the Gold CFD market in 2024Fundamental Analysis : Since we all know the geopolitical tension we are living right now : Russian and Ukranian War, Palestinian and Israel conflict, Tension between USA and China, BRICS buying gold massively. Also increasing inflation all over the world, increase in interest rates is globalised... Gold also is very correlated with US CPI, GPD, Housing sector who is not doing well (maybe new bubble)... anyway hope the best for the dollar... who is being challenged in this new geopolitical era. Technical Analysis : Gold is doing well, most agressive move are bullish move (volumes weighted). Very healthy trend, that is obvious to oscillator expert. TDI, is the best indicator to use since it's a combination of 5 well known indicators
OANDA:XAUUSDLong
by Le_mah
GOLD Futures: H4 Footprint Insights and Daily Chart DynamicsGold Futures Footprint Analysis on the H4 Timeframe reveals an intriguing market dynamic. Monday's opening saw a bearish candle, characterized by a spike that retraced to the previous Point of Control (POC) volume of the preceding candle. This retracement occurred concurrently with a block of previous bullish orders (513+535), suggesting a potential area of resistance. Despite the presence of sellers, there appears to be a notable imbalance favoring buyers, indicating underlying support for a price increase. Although the Delta reflects a bearish sentiment, the sellers' efforts do not seem to exert a significant downward pressure on price movement. This phenomenon aligns with a classic interpretation of price action in CFD trading, commonly referred to as a "retest." Zooming out to the daily chart, we observe that buyer volume slightly surpasses that of sellers, accompanied by a lower Delta compared to the previous candle. This discrepancy implies that a relatively small effort from buyers may yield significant results. Moreover, the POC on the daily chart currently resides on the upper side of the candle, indicating that the majority of transactions or market battles are occurring at higher price levels. This observation further strengthens the case for a bullish continuation. In summary, the Footprint Analysis highlights a nuanced interplay between buyers and sellers in the Gold Futures market. Despite initial bearish signals, the presence of buyer imbalance and strategic positioning on the daily chart suggest a potential bullish momentum continuation. Traders may consider these insights when formulating their trading strategies. Daily Footprint Analysis
COMEX:GC1!Long
by FOREXN1
1
GOLD → Are the bulls ready to break through 2430 and go ↑ ? OANDA:XAUUSD on the background of weak dollar and favorable fundamental background realizes the accumulated potential after breaking through resistance. The price is testing the global resistance of 2431. The market is bullish again, which was supported by economic news, mainly related to inflation. Technically, the gold is again interested in strong buyers after the correction phase, which ended at the moment of the beginning of the realization of the bullish pattern, as well as the confirmation of the bulls. In general, this movement can be continued, as the general background is favorable for the gold market In the coming week traders are interested in such news as: - Powell's speech on Monday - FOMC meeting minutes on Tuesday - Initial Jobless Claims on Thursday Resistance levels: 2417, 2431 Support levels: 2400, 2375 Technically, the price may test the ATH on Monday, but a bounce or a false breakdown may be formed afterwards, which will lead to a small correction. A quick retest of 2431 could lead to a breakout and further growth Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
11
XAUUSD. Weekly trading levels 13 - 17.05.2024We continue the experiment with a wider range of zones. Let's see if we can guess the places to search for deals for the week ahead. Last week is HERE or in the related ideas at the bottom of the post. During the week you can trade from these price levels. Finding the entry point into a trade is up to you, depending on your trading style and the development of the situation. If you expect any medium-term price movements, then most likely they will start from one of the zones. Levels are valid for a week, the date is in the title. The next morning I adjust the levels based on the new data and publish a new post. The history of level development can be seen in my previous posts. They cannot be edited or deleted. Everything is fair. :) ---------------------------------------------- Levels are drawn based on volumes and data from CME. Used as areas of interest for trade. When approaching a level, a “reaction” is expected, which can be traded for both a rebound and a breakout. The worst option is if we revolve around the level in a flat. Do not reverse the market at every level; if there is a trend movement, consider it as an opportunity to enter into a continuation of the movement. Until the price has drawn a reversal pattern. Don’t forget to like Rocket, Comments and Subscribe!!!
FOREXCOM:XAUUSD
by Forex_Hoby
GOLD → Consolidation above 2380 will cause a rise to 2400FX:XAUUSD is consolidating above the important for the market level of 2378. Bulls are trying to keep the defense above this zone in order to continue growth on the background of weak dollar. Gold is recovering after leaving the correction channel. The price is once again near its highs (ATH), within the current move the price could quite possibly renew it if the fundamental background does not change next week. At the moment, the main objective of the bulls is to consolidate above 2378-2385 in order to go higher: to 2400 and then to 2430-2450. Support levels: 2378, 2371 Resistance levels: 2400, 2418 Within the current trend we may see a continuation of the trend. There is no strong news on Friday, so the movements may be calm. I am waiting for the resumption of growth from 2378, or from the channel support. Regards R. Linda!
FX:XAUUSDLong
by RLinda
10
GOLD → The realization phase is taking shape. Target 2450?FX:XAUUSD is strengthening well on the background of weakening dollar index, related to fundamental reasons (news on inflation). Gold's strengthening may continue, but after a correction. Bulls are interested in 2378-2350 area. The main task is to take the defense above the key liquidity and support zones. Confirmation of the end of the correction phase on H4-D1 is forming and the market is moving into the bullish phase, forming a strong realization in the form of distribution. Practically, we should wait for support retest and consolidation above the level with the aim to continue growth towards 2400-2450. Today at 12:30pm Initial Jobless Claims is published, analysts are expecting a decline in the index, which could be a bullish scenario, but actual data above 219K could weaken the dollar, while below it could strengthen. Resistance levels: 2397, 2400 Support levels: 2378, 2352 The local correction phase may be stopped near the key levels, but it all depends on the news, if they confirm the general fundamental background, the gold growth will continue, otherwise, the local correction will drag down to 2350. Regards R. Linda!
FX:XAUUSDLong
by RLinda
6
GOLD’s recent period of consolidationGold ended the week higher after a late rally on Thursday and Friday. It had initially pulled back from its all-time high due to trendline resistance. The precious metal is expected to react to the latest US inflation data, which affects Treasury yields, interest rate expectations, and the US dollar. Gold bulls are hopeful that softer CPI data will drive the metal higher and test the all-time high. Gold broke its recent consolidation period, surpassing the resistance at $2,340/oz. Buyers pushed the price to a three-week high on Friday, and gold opened above the 20-day moving average. If it can stay above this level, further gains are expected. The ongoing situation in the Middle East may also contribute to increased demand for gold. In the near future, the trend of gold price is still being noticed by the falling price channel but it also has technical conditions to increase the price, but with the closing price position as shown in the chart, gold can still decrease. adjusted to test the EMA21 and notable technical levels are listed below. Support: 2,335 – 2,330 – 2,305USD Resistance: 2,366 – 2,378USD 🪙SELL XAUUSD | 2393 - 2391 ⚰️SL: 2397 ⬆️TP1: 2386 ⬆️TP2: 2381 🪙BUY XAUUSD | 2329 - 2331 ⚰️SL: 2325 ⬆️TP1: 2336 ⬆️TP2: 2341
OANDA:XAUUSD
by Xayah_trading
GOLD → Will the bullish sentiment persist after the news?FX:XAUUSD is growing and testing local descending resistance. Growth is associated with the decline in the dollar index on the background of Powell's comments. Ahead of the news on inflation... Technically, on H4 the price overcomes the correction phase and returns to the bullish rut, testing the local maximum. Bulls are focused on consolidation above 2350. If this can be done on the background of the news, 2400-2500 is ahead. Traders are waiting for the inflation report, which may be ambiguous like PPI. A slight weakening of the situation may weaken the dollar, and gold will react appropriately. Resistance levels: 2378, 2400, 2418 Support levels: 2352, 2336, 2328 The mood of traders is bullish, which can generally determine the medium-term outlook for us. But inflation can both strengthen this bullish mood and weaken it. Trade carefully! Regards R. Linda!
FX:XAUUSDLong
by RLinda
11