GOLD → False breakout of resistance. Is a correction coming?

12 Ara 2024

XAUUSD on the background of CPI on Thursday passes into a rally and realization of consolidation. The price is testing the resistance of 2721 and forms a false breakout. Traders in anticipation of PPI



After the release of CPI, there is a 90% chance that the Fed will cut rates by 0.25% next week.
Gold hit a two-week high due to the Middle East, optimism over China's economic stimulus, CPI news.
PPI and weekly jobless claims data also remain in focus, which could provide new hints on further Fed policy easing and the direction of the US dollar ahead of next week's Fed meeting. Sentiment around the Fed and risk trends will continue to play a decisive role in gold price dynamics.
Technically, the price is in a global wide flat. A false breakdown of resistance is forming and a correction may form.

Resistance levels: 2721
Support levels: 2700, 2682

The retest did not allow the bulls to pass through the resistance. In the near future the price may test the nearest support and form a bullish correction from which further growth or fall will be initiated. We should also take into account today's news

Regards R. Linda!

13 Ara 2024

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