GOLD PLAYGROUND AROUND $3000-$3100? FED SPEECH NEXT WEEK!!!

GOLD currently trade at $2987 when i write this idea. GOLD bullish momentum started when CPI data released followed by PPI data. Both of data show inflation slowdown. Last Tuesday, job opening data also showed us a neutral level and we can conclude that the labor market is still in slow pace. A week ago NFP also showed us weak data and slow down in labor market. Fundamentally, this labor market slow down and inflation that coming up in a lower level will give THE FED to cut rate in the next May or June.

Besides all that the trade war still heating up and there is no clear way how to end the geopolitical war in Russia - Ukraine and also Middle East. Traders seems just make early entry and buying GOLD as safe haven commodity and assume THE FED will cost lower borrowing rate.

Technically, GOLD just broke it's resistance trendline on symmetrical triangle pattern. It's just indicates that bullish movement of this instrument still going on and we don't know where it will stop. I see $3032 as the next level if $2986-$2987 broke up.

Is there any surprises in the next week? IF THE FED revised it's Federal Fund Rate to 3.4% or lower i see GOLD will play at $3000-$3100 for a few next month

Do you have any opinion guys?? Just give your comments below!