XAUUSD is once again meeting strong bulls. Powell's speech influenced the price growth and a 2.8% momentum is forming. Let's see what happened and what to expect:Most important: The rate remained unchanged. Inflation eased 0.1% to 3.1%. In fact, there was no change. Speculators liked Powell's more positive tone, which caused them to react with a rather aggressive infusion of capital into the market. But again, everyone, as well as the Federal Reserve and analysts expect the rate reduction not earlier than March 2024. Apparently, there was an internal psychological hunger on the background of long waiting for any hints or actions and as a result, we see the weakening of the
DXY and the growth of gold. Today we expect important news at 13:30 GMT. Analysts expect the data to remain unchanged.
In terms of technical analysis, Gold is testing the resistance of the previously created range of 2038. A false breakout is formed, which may lead to a small correction before further growth amid positive fundamental background. The price may test 2030, 2025, 2020. But a retest of 2038 and consolidation above the level will contribute to the strengthening of gold.
Support levels: 2030, 2025, 2020
Resistance levels: 2038, 2049
I think that before the news there will be a sideways range and consolidation, after the news the price may form a correction before further growth. But everything depends on the news.
Regards R. Linda!
Note
Interesting. Gold made a local high today, but it is not ready to go higher yet, because after Powell's words yesterday the dollar fell, and today there was bullish news for the dollar. Oops. Consolidation is forming and a correction may follow
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