XAUUSD continues to hold steady even in the face of strong economic news. A range between 2366 and 2330 is being established, with buyers and sellers vying for lower price levels.
Today, the market awaits PMI and Initial Jobless Claims announcements. Yesterday, we saw CPI figures higher at 0.4% instead of the expected 0.3%, with inflation rates at 3.5%. This scenario, generally deemed unfavorable by the market, has bolstered the dollar. Gold has experienced some fluctuations, but the bullish camp persists in maintaining prices above 2330. It remains uncertain how long they will hold, with a series of crucial news events ahead.
Gold may test support levels as part of a correction, but given its high utility as a hedge asset amidst geopolitical and economic uncertainties, theoretically, gold may continue to thrive.
A price recovery is expected post-correction, touching the trendline and retesting the EMA 34,89.
Today, the market awaits PMI and Initial Jobless Claims announcements. Yesterday, we saw CPI figures higher at 0.4% instead of the expected 0.3%, with inflation rates at 3.5%. This scenario, generally deemed unfavorable by the market, has bolstered the dollar. Gold has experienced some fluctuations, but the bullish camp persists in maintaining prices above 2330. It remains uncertain how long they will hold, with a series of crucial news events ahead.
Gold may test support levels as part of a correction, but given its high utility as a hedge asset amidst geopolitical and economic uncertainties, theoretically, gold may continue to thrive.
A price recovery is expected post-correction, touching the trendline and retesting the EMA 34,89.
