GOLD → Will the bullish sentiment persist after the news?

2024-05-15 10:48 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Will the bullish sentiment persist after the news?

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GOLD is growing and testing local descending resistance. Growth is associated with the decline in the dollar index on the background of Powell's comments. Ahead of the news on inflation...

Technically, on H4 the price overcomes the correction phase and returns to the bullish rut, testing the local maximum. Bulls are focused on consolidation above 2350. If this can be done on the background of the news, 2400-2500 is ahead.

Traders are waiting for the inflation report, which may be ambiguous like PPI. A slight weakening of the situation may weaken the dollar, and gold will react appropriately.

Resistance levels: 2378, 2400, 2418

Support levels: 2352, 2336, 2328

The mood of traders is bullish, which can generally determine the medium-term outlook for us. But inflation can both strengthen this bullish mood and weaken it. Trade carefully!

R. Linda

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