Gold could rise to 2060
Updated
Analyzing 
XAUUSD in light of the most recent data, the headline Consumer Price Index (CPI) for the previous month exceeded expectations. It recorded a year-on-year increase of 3.4%, surpassing the anticipated 3.2%. Additionally, the core gauge outperformed predictions, reaching 3.9%, surpassing consensus estimates by one-tenth of a percent.
Initially, this data triggered a decline in the price of Gold, but this downturn was brief, and the price swiftly rebounded back into its familiar range. Furthermore, a closer look at the chart reveals that the price, once again, reversed from the 2020 confluence support zone, which, in my opinion, contributes to a bullish scenario.
As I discussed in yesterday's post, confirmation of the reversal still requires a break above 2060. In such a scenario, the upward movement could intensify toward the 2060 resistance, with a high probability of extending to 2080.
In summary, my bullish sentiment has strengthened compared to yesterday. In my view, purchasing on dips against yesterday's low seems to be a prudent strategy.
Best of luck!
Mihai Iacob
XAUUSD in light of the most recent data, the headline Consumer Price Index (CPI) for the previous month exceeded expectations. It recorded a year-on-year increase of 3.4%, surpassing the anticipated 3.2%. Additionally, the core gauge outperformed predictions, reaching 3.9%, surpassing consensus estimates by one-tenth of a percent.Initially, this data triggered a decline in the price of Gold, but this downturn was brief, and the price swiftly rebounded back into its familiar range. Furthermore, a closer look at the chart reveals that the price, once again, reversed from the 2020 confluence support zone, which, in my opinion, contributes to a bullish scenario.
As I discussed in yesterday's post, confirmation of the reversal still requires a break above 2060. In such a scenario, the upward movement could intensify toward the 2060 resistance, with a high probability of extending to 2080.
In summary, my bullish sentiment has strengthened compared to yesterday. In my view, purchasing on dips against yesterday's low seems to be a prudent strategy.
Best of luck!
Mihai Iacob
Note
XauUsd is flirting with resistance.A break looks imminent
Note
Target hit.Let s see 2080 now:)
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