Gold Analysis==>>Ready to Pump

Updated
Today, on October 10, 2024, key U.S. economic data were released, including Core CPI m/m, CPI m/m, CPI y/y, and Unemployment Claims. These reports provide insights into inflation and the labor market, which have significant implications for financial markets, including gold.

Impact of Today’s Parameters on Gold :

Core CPI m/m: Increased by 0.3%, indicating persistent inflationary pressures. This could prompt the Fed to maintain high interest rates, which generally puts downward pressure on gold prices.

CPI m/m and CPI y/y: Both show easing inflation, which might reduce expectations of aggressive rate hikes, benefiting gold, as lower interest rates reduce the opportunity cost of holding non-yielding assets like gold.

Unemployment Claims: Rose to 258,000, signaling weakness in the labor market, which could increase demand for safe-haven assets like gold.


Overall Impact:

Easing inflation and rising unemployment support gold prices, but persistent inflation could lead the Fed to keep interest rates high, limiting gold’s upward potential.


Now, let's go to the Technical Analysis of the Gold chart in the 1-hour time frame.

First, I must say that Gold moved very well according to the previous analysis✅.

Gold( XAUUSD ) is moving near the Descending Channel's upper line and the Resistance zone($2,640-$2,620).

I expect Gold to break the Resistance zone($2,640-$2,620) after breaking the descending channel and rise to at least $2,640.

⚠️Note: If gold goes below the Potential Reversal Zone(PRZ), there is a possibility of breaking the Support line and the Support zone($2,600-$2,580).⚠️

🔔Be sure to follow the updated ideas.🔔

Gold Analyze ( XAUUSD ), 1-hour time frame ⏰.

Do not forget to put Stop loss for your positions (For every position you want to open).

Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.

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Descending ChannelGoldgoldanalysisgoldsignalgoldsignalsParallel ChannelSupport and ResistanceTrend LinesXAUUSDxauusdanalysisxauusdlongxauusdsignal

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