👑 Ideas For #XAUUSD / #GOLD
📈 Aggressive buyers... Ahead of PPI
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GOLD updates its historical high to 2573 on the back of PPI. (On the stock exchanges, the price of gold was at 2600). A small stop is forming locally. There is a probability of growth continuation in the US session...
Disappointing data from the U.S. on Thursday returned bets on a sharp reduction in interest rates of the Federal Reserve at the September meeting. This had a favorable impact on gold. Today there is no news, so the same background reigns on the market.
Also we should not forget about Asia, where traders reacted positively to the optimism associated with the resumption of the Fed's dovish stance.
But, one should be careful as traders may go on the defense and start taking profits ahead of strong news: Retail Sales, CPI, FOMC, Fed Interest Rate Decision in fear of catching ambiguous data. It is possible that gold could be hit by a shakeout, where price could test support before starting to move back towards ATH!
Resistance levels: 2571, 2575
Support levels: 2563, 2559, 2552, 2550
A local false breakout is forming, which could lead to a retest of support. There are no clear zones, so it is worth paying attention to the local ones, which I have marked on the chart. But, if the price starts to smoothly return to 2571 and test the resistance, the chance for continuation of the movement will increase
📈 Aggressive buyers... Ahead of PPI
———————————————
GOLD updates its historical high to 2573 on the back of PPI. (On the stock exchanges, the price of gold was at 2600). A small stop is forming locally. There is a probability of growth continuation in the US session...
Disappointing data from the U.S. on Thursday returned bets on a sharp reduction in interest rates of the Federal Reserve at the September meeting. This had a favorable impact on gold. Today there is no news, so the same background reigns on the market.
Also we should not forget about Asia, where traders reacted positively to the optimism associated with the resumption of the Fed's dovish stance.
But, one should be careful as traders may go on the defense and start taking profits ahead of strong news: Retail Sales, CPI, FOMC, Fed Interest Rate Decision in fear of catching ambiguous data. It is possible that gold could be hit by a shakeout, where price could test support before starting to move back towards ATH!
Resistance levels: 2571, 2575
Support levels: 2563, 2559, 2552, 2550
A local false breakout is forming, which could lead to a retest of support. There are no clear zones, so it is worth paying attention to the local ones, which I have marked on the chart. But, if the price starts to smoothly return to 2571 and test the resistance, the chance for continuation of the movement will increase
