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R.Linda Trading - forecast

GOLD - Distribution phase. Focus on 4150...

GOLD Forecast
👑 Ideas For #XAUUSD / #GOLD

📈 Distribution phase. Focus on 4150...

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GOLD is trading at a one-and-a-half-week high, supported by a weaker dollar and growing expectations of Fed policy easing. More news ahead...

US PPI inflation showed signs of slowing (2.7% y/y). Retail sales and consumer confidence were weaker than expected. The probability of a Fed rate cut in December rose to 85%. Fed members (Williams, Waller, Miran) supported the possibility of easing

However, progress in Russia-Ukraine negotiations is limiting growth

Today, attention is focused on data on jobless claims and durable goods orders

The combination of soft monetary policy, geopolitical risks, and structural demand from the Central Bank creates a favorable backdrop.

Resistance levels: 4156, 4211

Support levels: 4146, 4111

Gold continues to recover after breaking out of consolidation and holding above 4110. Focus on the next trading range (consolidation) of 4156 - 4111. If the bulls keep the price above 4146 - 4156, the next target could be 4211 - 4245.