XAUUSD IDEA
XAUUSD after a false breakdown of 2546 forms a pullback and tests 2577. It is quite adequate reaction after such a strong fall. The fundamental background is still negative, and the dollar is accelerating its growth.
Economic data from China increased economic concerns. Uncertainty about future interest rate cuts by the US Federal Reserve also continues to weigh on the markets, especially after Powell said that there is no need to rush to cut rates as the economy is still growing, the labor market is robust and inflation is still above the 2% target.
Now we are waiting for -important retail sales report.
Resistance levels: 2577, 2589, 2594.
Support levels: 2546, 2536, 2500
At the moment, xauusd is hinting that the pullback up may be a bit continuing for a notably long time.
Economic data from China increased economic concerns. Uncertainty about future interest rate cuts by the US Federal Reserve also continues to weigh on the markets, especially after Powell said that there is no need to rush to cut rates as the economy is still growing, the labor market is robust and inflation is still above the 2% target.
Now we are waiting for -important retail sales report.
Resistance levels: 2577, 2589, 2594.
Support levels: 2546, 2536, 2500
At the moment, xauusd is hinting that the pullback up may be a bit continuing for a notably long time.
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