🚀 Latest Rally: Gold prices have seen a notable surge, with XAU/USD edging higher, influenced by the softening U.S. dollar and a decline in bond yields. This movement aligns with new data pointing to a slowdown in U.S. inflation, which has been a tailwind for gold's ascee.
📉 Short-Term Caution: Despite the bullish trend, Bernard Dahdah, a precious metals analyst, warns that gold prices could see a near-term decline of about 4%, potentially dipping below $1,900. This projection is tied to geopolitical tensions that, if stabilized, could impact gold's safe-haven demce.
📊 Technical Confirmation: Your chart shows gold maintaining a strong position above key support levels, with an anticipation of a bullish continuation. This mirrors the broader market sentiment where gold has been stabilizing around the resistance level of $1,971 per ounce, as noted by recent technical analysis reprce.
🔧 Adjusting to CPI: The cooler-than-expected Consumer Price Index (CPI) data have provided a boost to gold miners and may have a longer-term bullish implication for gold prices if the trend of moderating inflation conturce.
👀 Eyes on the Horizon: Watch for stability above the $1,950 support level, which could indicate the market's agreement with a bullish outlook. However, remain vigilant for any signs of reversal that align with the anticipated corrections discussed by analysts.
📉 Short-Term Caution: Despite the bullish trend, Bernard Dahdah, a precious metals analyst, warns that gold prices could see a near-term decline of about 4%, potentially dipping below $1,900. This projection is tied to geopolitical tensions that, if stabilized, could impact gold's safe-haven demce.
📊 Technical Confirmation: Your chart shows gold maintaining a strong position above key support levels, with an anticipation of a bullish continuation. This mirrors the broader market sentiment where gold has been stabilizing around the resistance level of $1,971 per ounce, as noted by recent technical analysis reprce.
🔧 Adjusting to CPI: The cooler-than-expected Consumer Price Index (CPI) data have provided a boost to gold miners and may have a longer-term bullish implication for gold prices if the trend of moderating inflation conturce.
👀 Eyes on the Horizon: Watch for stability above the $1,950 support level, which could indicate the market's agreement with a bullish outlook. However, remain vigilant for any signs of reversal that align with the anticipated corrections discussed by analysts.
Trade closed: target reached
On BE
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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.
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.