XAUUSD earlier returned to the range after a false breakdown of resistance. The market is now fading as it is in the waiting phase for Powell's speech as well as the rest of the inflation news. 
Traders are waiting for PPI (
USPPIMM ) today as well as tomorrow's CPI ( USIRYY ) . Earlier, the market discussed the interest rate cut as well as inflation, which continues to remain at a rather high level, which does not please the Fed. Traders are expecting inflation to drop from 3.5 to 3.4. This is possible, but it is still very high relative to what Powell, who will also speak today, is expecting. Gold may react strongly to the news as economic factors are unpredictable. It will be necessary to follow the actual data and not to trade before the news.
Resistance levels: 2352, 2363, 2378
Support levels: 2328, 2306, 2295
Fundamentally it is still very bad, inflation is high, rate cuts are not expected, in general this scenario lays further strengthening of the dollar. In such a case, gold may continue to correct to the lows.
Regards R. Linda!
Trade active
Price is headed for a retest of trend resistance amid a weaker dollar
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🌹TRADING is a CASINO💔!?
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Join me, I'll guide you to PROFITABLE TRADING💵!
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🟢Telegram Channel: t.me/RLindaTrade
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NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢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.