GOLD → 2387 is key resistance, but ahead of CPI...

2024年7月11日

XAUUSD continues to maintain a bullish market structure, gradually pushing up to strong resistance with a breakout target. The US dollar is declining amid dovish US Fed assumptions....



All eyes remain on the US CPI report
Powell's caution on weakening labor market conditions suggested that a September rate cut is likely just around the corner, which once again brought down the US dollar along with US Treasury yields.
Softer US annual CPI data or a surprise decline in monthly inflation could confirm the September Fed rate cut and increase the chances of another rate cut in December. And vice versa...
Technically, buyers are pushing up to 2387. A break of resistance will open the way to 2400-2437. But, there could be a correction before that

Resistance levels: 2387
Support levels: 2378, 2370

Favorable news can strengthen the movement, in which case the resistance breakout is not to be missed. But, unexpected data may shake the market, the dollar may continue its strengthening phase and in this case gold will head towards 2350.

Rate, share your opinion and questions, let's discuss what's going on with gold ;)

Regards R. Linda!

2024年7月11日

交易進行

The first target has been reached. Going to 2431

2024年7月11日

註釋

Closing of today's session may determine further short-term outlook.
Watch the price...

2024年7月12日

交易進行

A false breakdown of resistance is being formed. The daily session closed with a big plus, but weakly in relation to the liquidity zone. A correction to the support may follow before the subsequent growth attempt