XAU/USD : IMPORTANT Pre Market Analysis (READ THE CAPTION)

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Currently, the price of gold is hovering around **$2656.99**. Recently, gold has seen a slight increase, driven by several factors such as inflation concerns, recent CPI and PPI reports, and geopolitical tensions.

Key Influencing Factors:

1. Persistent Inflation: Recent CPI and PPI reports show that inflation remains slightly above expectations, keeping gold in demand as a safe-haven asset.

2. Interest Rates: Expectations around interest rate cuts have stabilized, which increases gold's appeal as a non-yielding asset.

3. Geopolitical Tensions: Ongoing global political instability, particularly in regions like the Middle East, is adding upward pressure to gold prices.

Technical Analysis:

• Resistance Level: If gold prices break above $2685, there could be further bullish momentum.

• Support Level: On the downside, key support zones include $2636-$2642, $2628-$2630, and $2620, which should be closely monitored if the price declines, as strong demand in these areas could lead to a reversal.


Outlook:

Given the economic and geopolitical landscape, gold remains in a bullish trend. Traders should keep an eye on economic reports and geopolitical developments as any increase in uncertainty could further boost gold's price.

This sets the stage for today’s market session, with potential for continued upward movement.

Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me !

Best Regards , Arman Shaban

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Zlecenie aktywne

By analyzing the gold chart on the 1-hour timeframe, we can see that since today’s market was partially closed, with major players on holiday, the lack of liquidity led to significant volatility. Today, the price managed to rise to $2,666, collecting liquidity above the $2,665 level. After that, gold experienced further fluctuations and eventually corrected down to $2,644.

The upcoming support levels are between $2,636-$2,642, $2,643-$2,646, and $2,627-$2,630. If these first two support zones hold, we could expect further upside movement in gold, potentially pushing the price above $2,666. Should the bullish momentum continue, the next targets would be $2,670, $2,673, and $2,678.

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Zlecenie aktywne

By analyzing the #Gold chart on the 1-hour timeframe, we can see that, as I mentioned last night, the demand zone between $2,636 and $2,642 was a very critical level. After entering this demand zone, the price encountered buying pressure and has now risen over 170 pips, currently trading around $2,654! The other assumptions from the previous analysis remain valid, and as long as the current support level holds, the next targets for gold will be $2,670, $2,673, and $2,678. Cheers ! 🍾

14 godzin temu

Zlecenie aktywne

The First Targer Reached ✅

In the last hour the price of GOLD almost hit the $2670 target ! 🎯 ✅

Cheers 🍺