📈 The range 4900 - 5100 is narrowing. Positive background..
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GOLD is trading without clear dynamics due to holidays in the US and China, which have reduced market activity. However, the battle for the 5000 zone continues...
The main macro releases will only come out on Friday. Until then, the market will be guided by general sentiment.
Inflation supported rate expectations: The slowdown in CPI in January reinforced expectations of two Fed rate cuts this year.
The decline in Treasury yields and the weakening of the dollar after the release of inflation data provide fundamental support for gold.
Gold is consolidating after Friday's rise, holding key levels of 4990-4950. The fundamental backdrop remains favorable. Further momentum will come after the release of GDP data at the end of the week.
Technically, the market may close within the range of 4990 (4902) - 5090. In this case, trading can be considered relative to the channel boundaries and intermediate levels located inside, until a driver appears.
Resistance levels: 5090 - 5100, 5150
Support levels: 4990, 4945, 4902
A retest of support could trigger a price increase to the trigger, but until a driver appears, the market may remain within the flat range. Thus, we can consider a rebound up from support and a rebound down from resistance