Gold Market Reacts to Powell's Inflation Warning!!!

13 czeTechnical Analysis: Gold

The price of gold recently reached 2341 before declining in response to Federal Reserve Chair Jerome Powell's statement that "inflation is still too high." Based on this, the market is expected to trade within a bearish tactical outlook.

• Current Outlook:
  Gold is likely to touch 2302 and then consolidate between 2302 and 2321 until a breakout occurs.
  
  
• Bullish Scenario:
  As long as the price remains above 2302, it is expected to attempt to reach 2311 and 2321. A break above the 2321-2327 range would indicate a shift to a bullish area, targeting 2337 and 2357.
  
  
• Bearish Scenario:
  Should the price stabilize below 2302, confirmed by a 1-hour candle close, it is expected to drop to 2292. A subsequent 4-hour candle close below 2292 would confirm a bearish trend, targeting 2278 and 2260.
  
  
• Key Levels:- Pivot Line: 2302
  - Resistance Levels: 2321, 2337, 2357
  - Support Levels: 2292, 2278, 2260
• Today's Expected Range:
  The price is anticipated to move between the support at 2278 and the resistance at 2328.
  
  In summary, maintaining a position above 2302 suggests a potential bullish movement towards higher resistance levels, while trading below 2302 indicates a bearish trend with lower support targets in focus.