Idea for XAUUSD / GOLD
https://www.tradingview.com/chart/pLX3WFYY/?symbol=EIGHTCAP%3AXAUUSD
1. Fundamental Background:
- Positive News: Gold (XAU) has surged to 2424 amid favorable news. Buyers are returning, anticipating further declines in the US dollar due to imminent interest rate cuts.
- CPI Report: June's Consumer Price Index (CPI) indicates a significant easing of inflationary pressures, with annual inflation falling to 3%—the lowest rate in a year. This provides evidence to the Fed that inflation is easing.
- PPI Focus: Traders are now focusing on the Producer Price Index (PPI) report. Favorable data from PPI could reinforce fresh selling in the US dollar, potentially triggering a rise in gold prices. However, remember that news events can be unpredictable in trading.
2. Technical Levels:
- Resistance Levels: Key resistance levels for XAU/USD are at 2411, 2416, and 2424.
- Support Levels: Important support levels to watch are 2396, 2392, and 2385.
3. Technical Analysis:
- Technically, there's a possibility of a small correction after a false breakdown of resistance. This correction might lead to testing the imbalance zone before the next upward move, especially if the fundamental background remains supportive after the PPI report.
1. Fundamental Background:
- Positive News: Gold (XAU) has surged to 2424 amid favorable news. Buyers are returning, anticipating further declines in the US dollar due to imminent interest rate cuts.
- CPI Report: June's Consumer Price Index (CPI) indicates a significant easing of inflationary pressures, with annual inflation falling to 3%—the lowest rate in a year. This provides evidence to the Fed that inflation is easing.
- PPI Focus: Traders are now focusing on the Producer Price Index (PPI) report. Favorable data from PPI could reinforce fresh selling in the US dollar, potentially triggering a rise in gold prices. However, remember that news events can be unpredictable in trading.
2. Technical Levels:
- Resistance Levels: Key resistance levels for XAU/USD are at 2411, 2416, and 2424.
- Support Levels: Important support levels to watch are 2396, 2392, and 2385.
3. Technical Analysis:
- Technically, there's a possibility of a small correction after a false breakdown of resistance. This correction might lead to testing the imbalance zone before the next upward move, especially if the fundamental background remains supportive after the PPI report.
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