GOLD → Retest of descending channel resistance in front of PPI..

XAUUSD is forming a double bottom from which a rally towards strong resistance is forming. CPI showed worse than expected data, surprisingly. Manipulation? Price has not yet moved out of the corrective channel. Ahead of PPI.

GOLD → Consolidation in correction phase ahead of news...


Annual inflation fell from 2.5% to 2.4% (expected 2.3%). The probability of a 0.25% interest rate cut in November rose to 86% (vs. 0.5%) The disappointing Initial Jobless Claims data in the US overshadowed the hot CPI data for September, keeping the hope of a rate cut in November...
Ahead is PPI, a fairly important report that could affect prices...
The metal is trapped in a descending channel and there is a huge liquidity density above 2645. The bears, the custodians of this liquidity, may put aggressive pressure if PPI shows strong data...

Resistance levels: 2645, 2651, 2660
Support levels: 2637, 2623, 2600


Technically, gold is in a correction phase. From the bottom of the channel a strong movement of 2% has been formed and there is not much potential to break through the resistance. The most probable outcome is a decline after a false breakdown or consolidation below 2640. BUT! It is not excluded that a surprise in the news can turn the picture in the opposite direction....

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


Regards R. Linda!
Chart PatternsDESCDXYFibonacci RetracementFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisTrend Line BreakXAUUSDZigzag

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