FX: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!
Comment
⋅
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.
Comment
⋅
Gold is going down, buyers are panicking. News has a negative impact on gold (temporarily)
Trade active
⋅
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
Comment
⋅
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
Comment
⋅
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.
Comment
⋅
Intra-range trading continues. The trend is still bullish, it is worth looking for strong levels for intraday trading
Trade active
⋅
Oh, that's great. Price is breaking through resistance and getting ready to go even higher
Hey R Linda,, Congratulate to all Muslim world this Eid. May this Eid bring blessings for the entire humanity specially for a people of Palestine so that we can walk on the path of peace and harmon. Eid Mubarak !🌛 Today is a very important day for the market CPl . there's consensus on the lower side Fed also required this, but i doubt it. range on today 2304 -20. - 2400..
RLinda
⋅
@princesaif85, Yes, due to the unpredictability, the trading range is quite wide. Interest in hedge asset - gold is still very high in this unstable time, the global trend today's news will not change, but the market can shake both up and down
Congratulate to all Muslim world this Eid. May this Eid bring blessings for the entire humanity specially for a people of Palestine so that we can walk on the path of peace and harmon. Eid Mubarak !🌛
Today is a very important day for the market CPl . there's consensus on the lower side Fed also required this, but i doubt it. range on today 2304 -20. - 2400..