Long

GOLD → New Horizons. Price opens a new range

Updated

is getting a good medium-term signal on Powell's words yesterday. Metal is trampling its way into new horizons and probing new highs. Today the market is waiting for Initial Jobless Claims and PMI.

M1 timeframe is pointing us to the approximate medium term potential which is capped at $2380-2400, price has entered a new bullish range. Yesterday's news from Powell gives the market the realization that the overall situation is improving and the time when the dollar will start to slacken on the back of rate cuts is getting closer. On the background of the news, investors continue to buy gold even more, as well as central banks of many leading countries of the world, which only favorably influences the price.

Resistance levels: 2212, 2222
Support levels: 2200, 2195, 2175

Technically, the gold may test the support before rising further. The trend is strongly bullish. The liquidity area at 2195 plays an important role at the moment on the background of today's news, which is published at 12:30 GMT

Regards R. Linda!

Note

Today at 12:30 we're interested in Initial Jobless Claims and at 1:45 PM PMI

In general, analysts are expecting a decline in the overall indicators, which may give a negative background for the dollar index.
At the moment, it is quite difficult to determine the factors, as the situation has been generally neutral lately. Inflation is at the same level, around 3.0-3.2%, interest rates are unchanged.

Based on the general situation, we can assume that the news will remain neutral on today's data, or may get slight changes.

But based on Powell's speech yesterday, the economy may react more aggressively. There is a chance to see a drop in Initial Jobless claims and a slight rise in PMI

PS:
Initial Jobless Claims: Higher than expected - negative for the dollar and vice versa.
PMI: Lower than expected - negative for the dollar and vice versa.

Trade active

Decline to the support area of 2172.
False breakdown leads to strengthening of the price after the fall

RLinda

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