Gold could rise to 2060

Analyzing XAUUSD in light of the most recent data, the headline Consumer Price Index (CPI) for the previous month exceeded expectations. It recorded a year-on-year increase of 3.4%, surpassing the anticipated 3.2%. Additionally, the core gauge outperformed predictions, reaching 3.9%, surpassing consensus estimates by one-tenth of a percent.

Initially, this data triggered a decline in the price of Gold, but this downturn was brief, and the price swiftly rebounded back into its familiar range. Furthermore, a closer look at the chart reveals that the price, once again, reversed from the 2020 confluence support zone, which, in my opinion, contributes to a bullish scenario.

As I discussed in yesterday's post, confirmation of the reversal still requires a break above 2060. In such a scenario, the upward movement could intensify toward the 2060 resistance, with a high probability of extending to 2080.

In summary, my bullish sentiment has strengthened compared to yesterday. In my view, purchasing on dips against yesterday's low seems to be a prudent strategy.

Best of luck!
Mihai Iacob

Comment:

XauUsd is flirting with resistance.
A break looks imminent

Comment:

Target hit.
Let s see 2080 now:)