XAUUSD within the correction is testing the key risk zone from which either a continuation of the trend or a deeper correction will take place.In the center of attention is the US CPI data, which may give a new impetus to prices.
Markets remain in uncertainty over Trump's possible tariffs and Fed policy. According to WSJ, the president's administration is preparing new tariffs and this is another dose of risks for the global economy.
Powell said that the Fed is in no hurry to change course, which raised expectations of a single rate cut in July and strengthened bond yields. Gold's further movement depends on inflation data and Trump's tariffs. If CPI exceeds forecasts, the dollar will strengthen and gold will fall in price. Weak data, on the contrary, may support the metal's growth.
Resistance levels: 2898, 2910, 2929
Support levels: 2881, 2870, 2855
A false break of the support at 2881 would mean that the market is still bullish and quite aggressive. If the bulls keep the price above 2881 - 2885, then in the short and medium term we should expect a rise to 2930 - 2950.
If gold breaks 2881 and sticks below this zone, then liquidation may take place in the market and the price may decline to 2855, 2848.
The situation is stalemate, as there is news ahead and that is why we should consider 2 scenarios.
Regards R. Linda!
Trade active
A shake-out on the news is forming.
The news is negative for gold.
The market has liquidated buyers
Every economic risk increases the buying interest in the hedge asset.
A false breakout is forming.
The market has eliminated sellers
A bullish momentum is forming
Trade closed: target reached
False break of 2870 leads to formation of rebound and growth. Price is aggressively bought back despite weak news.
The first target is reached :)
Note
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🌹TRADING is a CASINO💔!?
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.