1. Current Price:
Gold is currently trading at $3,363.22, up +0.62% on the day.
2. Support & Resistance Zone:
A purple horizontal box highlights a support/resistance zone just below the current price level (~$3,350 - $3,363).
This area acted as resistance before but could now be flipping into support, suggesting a potential bullish setup.
3. Immediate Resistance:
Marked at $3,371.134.
The price is approaching this resistance level; a break and hold above could signal further bullish momentum.
4. CPI Confirmation Target:
Highlighted with a large blue arrow pointing toward $3,426.463.
This is a projected bullish target, which could be hit if CPI data supports inflation easing or dovish Fed expectations.
5. Candlestick Pattern:
A recent series of green candles shows buying strength.
Bullish momentum appears to be building toward the next resistance level.
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Interpretation:
Bullish Scenario:
If gold breaks above $3,371, the next target could be $3,426, as noted in the chart.
CPI data acting as a catalyst is crucial for this breakout.
Bearish Scenario:
If gold fails to hold above the purple support zone, it could drop back below $3,350, with potential downside risk.
Gold is currently trading at $3,363.22, up +0.62% on the day.
2. Support & Resistance Zone:
A purple horizontal box highlights a support/resistance zone just below the current price level (~$3,350 - $3,363).
This area acted as resistance before but could now be flipping into support, suggesting a potential bullish setup.
3. Immediate Resistance:
Marked at $3,371.134.
The price is approaching this resistance level; a break and hold above could signal further bullish momentum.
4. CPI Confirmation Target:
Highlighted with a large blue arrow pointing toward $3,426.463.
This is a projected bullish target, which could be hit if CPI data supports inflation easing or dovish Fed expectations.
5. Candlestick Pattern:
A recent series of green candles shows buying strength.
Bullish momentum appears to be building toward the next resistance level.
---
Interpretation:
Bullish Scenario:
If gold breaks above $3,371, the next target could be $3,426, as noted in the chart.
CPI data acting as a catalyst is crucial for this breakout.
Bearish Scenario:
If gold fails to hold above the purple support zone, it could drop back below $3,350, with potential downside risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.