GOLD → How might today's news affect gold?
Updated
XAUUSD is trading in a range, as evidenced not only by trading between levels, but also between moving averages. The reason for this is the controversial fundamental environment. The market is reacting weakly to bullish news for the dollar because fundamentally it is already overheated. Speculators react very strongly to negative news than positive news and in the current environment this is worth considering.
Important news is being published today. In general, analysts are expecting bullish CPI data and bearish Initial Jobless Claims data. Bad data for the $ will push gold up, to the point where the price could change its local trend. But good news for the $ may continue to form an actual range for gold 2015 - 2050.
It is worth paying attention to the strong resistance on the dollar 102.6, technically, the index is ready to go down and very strongly (This should have a positive impact on the price of gold), but I wonder what will show today the funamental market.
Support levels: 2030, 2020, 2015
Resistance levels: 2039, 2049
On the news, the price may test strong zones. At the moment, there is no clear understanding of the strength of the news we will receive, but according to a number of assumptions we have a chance to strengthen the price of gold
DXY GC1! MGC1! Regards R. Linda!
Note
CPI (YoY) (Dec) 3.4% instead of 3.2%CPI (MoM) (Dec) 0.3% instead of 0.2%
Initial Jobless Claims 202K instead of 210K
Overall this is bullish news for the dollar.
Gold's correction may continue
Trade closed: target reached
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