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Gold Spot / U.S. Dollar
Long

GOLD → False break of MA200 and strong support

By RLinda
Updated
XAUUSD , continues to form a range and consolidation. The price is testing the level of 1946.77, which divides the market plane into two components: bearish and bullish. Further market movement depends on DXY reaction to the news.

snapshot

Today CPI data is released which is one of the important data for the Fed to form its policy (Analysts expect YoY, MoM to deteriorate). Powell is still keeping a tight policy and wants investors to realize that the door to a % rate hike is still open, inflation data will not change the medium term outlook much.

From a technical point of view, gold is testing the MA-200 and forming a false breakout of a relatively strong support area - a pretty strong set-up for buying. Bad news for the dollar can play a positive role for gold
Since false breakout often (based on statistical data) forms the strongest setups, in our case I would emphasize the level of 1949.1. If this resistance is broken and the price fixes above this area, the market may show a gorgeous impulse towards the local highs (1965)

snapshot

Support levels: 1944.5, 1943.8, 1938
Resistance levels: 1949.1

The news may play a positive role in gold pricing, but it is worth paying attention to the nuances that I pointed out above. Gold is still in a zone of high interest and is also testing a strong support area.

Regards R. Linda!
Trade closed: target reached
snapshot

The market is getting a negative consumer price index.

This is exactly what we expected.

Based on the data, the price of gold is moving in an upward scenario. A retest of the 1971 high and the indicated strong levels is taking shape.
The closing of today's daily session will determine the short- and medium-term potential for us.
Beyond Technical AnalysisDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldTechnical IndicatorsSupport and ResistanceTrend Line BreakXAUUSDZigzag
RLinda
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