GOLD → Will the bullish sentiment persist after the news?
Updated
XAUUSD is growing and testing local descending resistance. Growth is associated with the decline in the dollar index on the background of Powell's comments. Ahead of the news on inflation...Technically, on H4 the price overcomes the correction phase and returns to the bullish rut, testing the local maximum. Bulls are focused on consolidation above 2350. If this can be done on the background of the news, 2400-2500 is ahead.
Traders are waiting for the inflation report, which may be ambiguous like PPI. A slight weakening of the situation may weaken the dollar, and gold will react appropriately.
Resistance levels: 2378, 2400, 2418
Support levels: 2352, 2336, 2328
The mood of traders is bullish, which can generally determine the medium-term outlook for us. But inflation can both strengthen this bullish mood and weaken it. Trade carefully!
Regards R. Linda!
Note
Inflation news ahead.
The market got a mixed PPI yesterday which made Powell nervous.
It is rare for a PPI report to come out a day EARLIER than a CPI report
PPI + CPI macro data have a very strong correlation. Failure of PPI to meet expectations can cause a more significant reaction in the markets
There is a high probability of unpredictable CPI.
Traders expect inflation to fall by 0.1% to 3.4% from the previous 3.5%.
In general, news is an unpredictable factor and I recommend not to trade before and during the news!
Trade active
A resistance retest and a small pullback are formed. After that, the price returns to the level and prepares to break through 2375. Target 2400
Trade active
Gold is closing in comfortably enough to continue rising.Trade active
Gold updates the high to 2397 and fomrms a correction to 2378. It is important for the bulls to take a defense above the support
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