GOLD → How will CPI affect gold? Growth, slowdown or correction?

2024年4月10日

XAUUSD continues to grow. Since the opening of the session the price has been testing 2350 but has not been able to update the maximum yet, having formed a correction to MA-50. CPI is ahead and the market stops and goes into a waiting mode.



There is a huge imbalance in the market. The news can provoke strong sell-offs, provided that the price breaks through at least one zone of liquidity, for example 2338-2328, then the activation of orders will provoke a strong impulse to these areas. But, the news may also provoke the continuation of growth to 2400.
Fundamentally, traders are waiting for the CPI to drop to 0.3% and this is a rather sharp decline amid the speeches of the Fed representatives. Technically, gold is still strongly bullish and continues to attract interest.

Resistance levels: 2354, 2375, 2400
Support levels: 2328.4, 2303.7

Today all the attention is not on the technical component of the market, but on the fundamental one. Gold may react either by continuing its strong growth or by temporarily slowing down and going into a state of consolidation.

Regards R. Linda!

2024年4月10日

註釋

Before the news, the dollar index is testing the conglomerate of moving averages MA-200 and MA-50. The news may affect the price in different ways, but it will be the factual data, which will be looked at by the regulators with the further decision on interest rates.

Traders are expecting the rate to fall from 0.4 to 0.3, it is possible, but it is difficult to understand in advance what can happen, so we can only wait.

The data can be either negative or neutral-positive. In this case:

An index of 0.3% - 0.4% (previous) could strengthen the dollar index
But, an index below 0.3% would weaken the dollar, which would affect gold and forex.

2024年4月10日

註釋

Gold is going down, buyers are panicking.
News has a negative impact on gold (temporarily)

2024年4月10日

交易進行

Price is testing the nearest support (0.236 fibo)
But there is no liquidity capture
The market is defending these zones, which tells us that the market is strong

2024年4月10日

註釋

Gold is trading above 2330. It is necessary to follow the closing of the price on D1, from which it may become clear about further prospects

2024年4月10日

註釋

A bearish candlestick pattern is forming on D1, which is generally logical based on fundamental factors.

It is worth paying attention to the levels 2352.5 and 2322.7. A breakout of one of them may give a move to one side or the other.
The market may form a range between 2322 - 2352.

2024年4月11日

註釋

Intra-range trading continues. The trend is still bullish, it is worth looking for strong levels for intraday trading

2024年4月11日

交易進行

Oh, that's great. Price is breaking through resistance and getting ready to go even higher