👑 Ideas For XAUUSD / GOLD
📈 GOLD → Shakeout and false breakdown of 2325. PPI ahead
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GOLD 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
📈 GOLD → Shakeout and false breakdown of 2325. PPI ahead
———————————————
GOLD 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.
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.