GOLD → The calm before the storm. News ahead... for FX:XAUUSD by RLinda

GOLD → The calm before the storm. News ahead...

is at a strong resistance of 2790. Traders are getting nervous before the news. Risks as well as the price are rising. PCE, Initial Jobless Claims, Chicago PMI are ahead.

GOLD → Risks are rising and so is the price. News ahead!

Traders have taken a wait-and-see stance ahead of the news. PCE along with NFP on Friday should give an insight into the Fed's interest rate outlook. Against the backdrop of a steady US labor market, a 0.25% cut is the most likely scenario. The metal is holding back any fall that could be seen as a correction due to election uncertainty. There is not much time left. As well as news from China and the escalated conflict in the Middle East.
Technically gold is in a range, the chart indicates stronger levels and liquidity zones. The most probable scenario is a retest of one of the support zones and further growth after liquidity capture. Targets in such a case could be 2789-2800.

Support levels: 2771, 2758, 2745
Resistance levels: 2789, 2800

It is not excluded that there may be a strong shakeout on the background of the news. Market behavior at the moment will depend on the actual data. The reaction may be extremely aggressive.

Rate, share your opinion and questions, let's discuss what's going on with ★
XAUUSD ;)

Regards R. Linda!

RLinda

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