GOLD → A bullish trend and a bounce from support. News ahead

11 May 2023

Gold makes a retest of the uptrend support line and reacts bullishly to the zone. The price begins to recover and aims for a retest of the 2032 level. What's next?

Gold is in an uptrend, there is a rebound from the support, so we can draw a symmetrical triangle pattern from the four points (two lows and two highs), therefore based on the set-up we can assume that the price may try to test the resistance pattern.
MA-50 acts as support and MA-200 has not yet been tested, but the price is already far from the line.

• At 12:30 GMT, the U.S. Initial Jobless Claims are out and analysts are expecting worse data than in the prior period, which could be bullish for gold. But it depends on what data is released.
  
• And PPI (MoM) (Apr) - analysts are expecting an improvement. Consequently, the news could be contradictory, causing the market to increase volatility.
  

Be careful!

Strong support: 2025, 2020, lower boundary of the triangle
Strong resistance: 2032, the descending boundary of the triangle, 2047.
I assume that a small pullback may follow from the level of 2032, but with further continuation of the movement to the resistance of the triangle or even to 2047

Regards R. Linda!

11 May 2023

Not

USA - Initial Jobless Claims = 264k (Forecast 245k / previous 242k)

US - PPI Prominflation (Apr)
m/m = +0.2% (previous -0.5%)
yoy = +2.3% (previous. +2.7%)

This data looks bad for the dollar, so we expect the dollar to decline