👑 Ideas For #XAUUSD / #GOLD
📈 Bulls in the game? Attempting to break through 5100...
———————————————
Last week was volatile for GOLD: it rose to $5,100, then fell sharply by 3%, and then rebounded on the back of new US inflation data. Technically and fundamentally, the outlook is positive
The CPI, which traders had been eagerly awaiting, slowed more than expected, which boosted buyer interest in hedge assets such as gold. However, gold remains caught between conflicting signals: a strong labor market and a stable US economy are weighing on prices, but slowing inflation and uncertainty over Fed policy are providing support.
The key drivers this week will be GDP data and Fed rhetoric.
Technically, the chart points to a bull market. Volumes are starting to grow, the market is forming a bullish trend and quite promising technical patterns with a bullish character. Something interesting may happen, for example, a breakout of 5100 and growth to 5250-5450-5600...
Resistance levels: 5090, 5145, 5240
Support levels: 4990, 4902
Focus on the current range and key levels: 4990 - 5090. From the opening of the session, the market may storm the resistance. A breakout and close above 5090-5100 may trigger distribution due to the current consolidation. As an additional scenario: a retest of support before strong growth. The Asian session may be volatile
📈 Bulls in the game? Attempting to break through 5100...
———————————————
Last week was volatile for GOLD: it rose to $5,100, then fell sharply by 3%, and then rebounded on the back of new US inflation data. Technically and fundamentally, the outlook is positive
The CPI, which traders had been eagerly awaiting, slowed more than expected, which boosted buyer interest in hedge assets such as gold. However, gold remains caught between conflicting signals: a strong labor market and a stable US economy are weighing on prices, but slowing inflation and uncertainty over Fed policy are providing support.
The key drivers this week will be GDP data and Fed rhetoric.
Technically, the chart points to a bull market. Volumes are starting to grow, the market is forming a bullish trend and quite promising technical patterns with a bullish character. Something interesting may happen, for example, a breakout of 5100 and growth to 5250-5450-5600...
Resistance levels: 5090, 5145, 5240
Support levels: 4990, 4902
Focus on the current range and key levels: 4990 - 5090. From the opening of the session, the market may storm the resistance. A breakout and close above 5090-5100 may trigger distribution due to the current consolidation. As an additional scenario: a retest of support before strong growth. The Asian session may be volatile