GOLD - A countertrend correction to 4,400 ahead of the news

Sep 11

XAUUSD remains under pressure from a strengthening dollar and a weak fundamental backdrop. The market is making new intermediate lows within the 4,290–4,500 trading range. Key news is ahead…

The dollar is bouncing from support and returning to its bullish momentum, putting further pressure on the market. Gold is trading near its weekly lows, around $4,310, on Friday following a sharp decline triggered by hotter-than-expected PPI data and rising oil prices.
According to TD Securities, a hawkish Fed may only delay the next move higher in gold rather than trigger a deeper decline, as support remains in place from dollar debasement, central bank purchases, and ETF inflows. The market is now waiting for the key U.S. CPI report.
Drivers:
Upside: soft CPI, dollar weakness, falling yields, central bank purchases, ETF inflows.
Downside: hot CPI, hawkish Fed rhetoric, dollar strength, rising yields

Resistance levels: 4,389, 4,400, 4,435
Support levels: 4,345, 4,300, 4,287

Gold is making new lows but has yet to reach the key target. A countertrend correction is forming ahead of the upcoming news. A short squeeze around the 4,390–4,400 zone could trigger another decline toward the 4,285 liquidity zone

Best regards,
R. Linda!

Sep 14

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