GOLD → False break of MA200 and strong support

👑 Ideas For XAUUSD / GOLD

📈 GOLD → False break of MA200 and strong support

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#GOLD , continues to form a range and consolidation. The price is testing the level of 1946.77, which divides the market plane into two components: bearish and bullish. Further market movement depends on DXY reaction to the news.

Today CPI data is released which is one of the important data for the Fed to form its policy (Analysts expect YoY, MoM to deteriorate). Powell is still keeping a tight policy and wants investors to realize that the door to a % rate hike is still open, inflation data will not change the medium term outlook much.

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UPD:

BofA survey: 76% of international governors surveyed believe the Fed has completed its rate hiking cycle

From a technical point of view, gold is testing the MA-200 and forming a false breakout of a relatively strong support area - a pretty strong set-up for buying. Bad news for the dollar can play a positive role for gold

Since false breakout often (based on statistical data) forms the strongest setups, in our case I would emphasize the level of 1949.1. If this resistance is broken and the price fixes above this area, the market may show a gorgeous impulse towards the local highs (1965)

The news may play a positive role in gold pricing, but it is worth paying attention to the nuances that I pointed out above. Gold is still in a zone of high interest and is also testing a strong support area.

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#XAUUSD 👑

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