Finally, after a week of range-bound trading and a false downside breakout, Gold has found direction and surged to the upside.
As expected, the inflation data served as the catalyst. With the reported figure coming in lower than anticipated, traders are now pricing in potential rate cuts.
Technically, as mentioned, the price broke above the 2930 resistance level and reached a high at 2947 just shy of the all-time high.
Currently, Gold is undergoing a normal correction, which should present traders with an opportunity to buy at lower levels. The ideal buy zone is between 2920 and 2930, with the bullish outlook negated if the price falls back into the previous range.
In terms of targets, the old ATH acts as resistance, but I wouldn’t be surprised if Gold pushes higher and sets a new record above the 2960 zone.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
As expected, the inflation data served as the catalyst. With the reported figure coming in lower than anticipated, traders are now pricing in potential rate cuts.
Technically, as mentioned, the price broke above the 2930 resistance level and reached a high at 2947 just shy of the all-time high.
Currently, Gold is undergoing a normal correction, which should present traders with an opportunity to buy at lower levels. The ideal buy zone is between 2920 and 2930, with the bullish outlook negated if the price falls back into the previous range.
In terms of targets, the old ATH acts as resistance, but I wouldn’t be surprised if Gold pushes higher and sets a new record above the 2960 zone.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.