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GOLD → Will we reach 2150 before the news comes out?

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → Will we reach 2150 before the news comes out?


GOLD strengthens to 2141.8, but, having failed to reach a few points to ATH, forms a correction on the background of increasing sell-offs, which leaves this gestalt open for the market.
Today-tomorrow there will be quite strong news, all the attention is on Fed head Powell. Interest rates, inflation and other things are likely to be discussed. Based on the general situation in the US, there is a possibility that the dollar will be supported further. This could have a negative impact on gold.

Volatility increases on the news. The important zones now are 2150 and 2125. There is a possibility that before the news or because of high volatility there may be a retest of 2150 before further fall, but there is also a possibility after a small correction to break 2125 and fall to 2100-2085.

Resistance levels: 2150, 2130, 2142

Support levels: 2125, 2110, 2100, 2088

I expect that the news may negatively affect the market. But before that the price may form a bullish impulse. Trade carefully as the news will be strong
Powell's two-day monetary policy speech begins today.

But at the same time the ADP NFEC is being published. Analysts expect a significant improvement in the reading from 107K to 149K, which is a possible scenario. And that's a bullish scenario for the dollar....

As for the Fed:

All eyes are on what will be said about the interest rate and inflation. There will be semi-annual monetary policy reports. There is a fairly high probability that the rate will remain unchanged, but the Fed chief may hint at either a possible rate hike or postpone a possible rate cut until the fall. Inflation in the US has been on the rise lately, as well as unemployment rate. This is the main reason for the regulators to support the USD indices.

But still, let's see what the reports say.