GOLD → Shakeout and false breakdown of 2325. PPI ahead

XAUUSD rises to 2340 on the back of yesterday's CPI and Powell's comments form a shakeup in the market and the price of the metal drops to 2308, forming a false breakdown of the key liquidity area of 2325.

Today the market is expecting PPI (MoM) and Initial Jobless Claims. Producer Price Index is expected to be lower than last period 0.1% instead of 0.4%, but it all depends on the actual data. Mind you, yesterday the market got a CPI of 3.3%, versus the expected 3.4%. But Powell did not say anything interesting in the change of views and still sticks to the hawkish side. Technically, gold is breaking local upside support and forming a consolidation below 2325. If the data is bullish for the dollar, gold could continue to fall towards 2290-2265.

Resistance levels: 2325, 2340
Support levels: 2305, 2291

Technically gold is showing weakness, but it reacts quite strongly to any small positive news. The whole emphasis on today's news, if the fundamental background remains negative, we will consider the targets below, if there are hints of a change in the background, we can consider price growth to 2340-2355.

Regards R. Linda!

การซื้อขายยังคงดำเนินอยู่:

The risk zone at the moment is 2306-2309. Local consolidation of the price below this zone can provoke sell-offs

ความคิดเห็น:

Gold falls after positive news
Interesting...
The market is very weak.

ความคิดเห็น:

Breakout attempt 2300 (Test 2297)

การซื้อขายยังคงดำเนินอยู่:

Excellent realization
Price is testing the local low of 2295
At the moment +300 pips!

การซื้อขายยังคงดำเนินอยู่:

A correction to 2314 is forming
Price is forming a range