GOLD → CPI ahead. High risks to renew ATH, but...

11 wrz

XAUUSD is testing 2530 and risks a new high as each new retest increases the chances of a resistance breakout. Ahead of CPI, inflation data could set the medium-term tone for markets...



Traders are waiting for US inflation data that could confirm the size of the Fed's interest rate cut next week.
An uptick in CPI figures could trigger a rise in the dollar at the expense of gold prices (capital outflows), negating expectations of an excessive Fed rate cut.
Conversely, softer CPI data could revive bets for a 50 basis point Fed rate cut, collapsing the dollar and pushing the gold price to new lifetime highs. The 2530 area is very active in keeping the market from rising, accordingly, the accumulation of orders above 2530, if the resistance is broken, could activate a rally....

Resistance levels: 2530
Support levels: 2514, 2512, 2506

The price return to the resistance area will confirm the readiness to test 2530 for a breakout. If the bulls manage to pass this zone, we should count on growth, but the bears are holding this area quite aggressively. There is also a high probability to catch a short-squeeze and further decline to 2506-2500.

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

11 wrz

Zlecenie aktywne

As for the previous idea: Despite the global bullish trend, locally on H1-H4 there were prerequisites for a decline from 2500 to 2475 in order to withdraw liquidity from the market and further continuation of growth to 2530.
BUT.
Buyers are aggressively holding gold from 2484, 2494, 2500, preventing the price from approaching these risk zones.
Therefore, the active range at the moment is 2530 - 2500.

11 wrz

Zlecenie aktywne

We were ready for it. The price didn't even get to 2530 on the news.
We'll go for 2500. The fight for this area continues
If the bulls start defending 2500 and manage to keep the prices above this zone, the trade will continue in the range of 2500 - 2530.
But if we go down, break the stops and the bears will not let us go beyond 2500, the trading range will be 2500 - 2475.

11 wrz

Zlecenie aktywne

12 wrz

Zlecenie aktywne

2510-2512 strong support