GOLD--> Consolidation. Which Direction Will Momentum Take?
Updated
Hello dear friends, Ben here!
Gold prices continue to consolidate sideways within a familiar range as the market eagerly awaits a new catalyst to determine the next directional move. What lies ahead, and what scenarios could unfold?
Meanwhile, sellers are holding back as they await key developments, including comments from Federal Reserve Chair Jerome Powell, U.S. employment data, and the CPI report, to gain insights into the Federal Reserve’s policy outlook. According to the CME FedWatch Tool, traders currently assign a 74% probability of the Fed cutting interest rates by 25 basis points at the upcoming policy meeting. However, theoretically, this remains uncertain, and the market may remain in consolidation until new information emerges.
On the technical side, gold may build bullish momentum to test critical resistance levels, which could potentially lead to a decline afterward. However, if the price breaks below the 2636 support level and consolidates beneath it, bearish pressure may emerge earlier than expected.
What are your thoughts? Share your insights, forecasts, and questions—let’s explore the ongoing dynamics of XAUUSD together!
Gold prices continue to consolidate sideways within a familiar range as the market eagerly awaits a new catalyst to determine the next directional move. What lies ahead, and what scenarios could unfold?
Meanwhile, sellers are holding back as they await key developments, including comments from Federal Reserve Chair Jerome Powell, U.S. employment data, and the CPI report, to gain insights into the Federal Reserve’s policy outlook. According to the CME FedWatch Tool, traders currently assign a 74% probability of the Fed cutting interest rates by 25 basis points at the upcoming policy meeting. However, theoretically, this remains uncertain, and the market may remain in consolidation until new information emerges.
On the technical side, gold may build bullish momentum to test critical resistance levels, which could potentially lead to a decline afterward. However, if the price breaks below the 2636 support level and consolidates beneath it, bearish pressure may emerge earlier than expected.
What are your thoughts? Share your insights, forecasts, and questions—let’s explore the ongoing dynamics of XAUUSD together!
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