XAUUSD is strengthening and testing 2450. The price rise was influenced by Powell's comments on progressive deflation and a possible rate cut in September, as well as another conflict in the Middle East....
The Fed left the rate unchanged for the 8th time at 5.5%. The rate has remained unchanged since the summer of 2023 and is the highest in 20 years. There was considerable discussion of a rate cut at this meeting. A rate cut may be considered in September. In addition, the intensification of the conflict in the Middle East may turn into a full-fledged war, which generally increases the interest in gold.
Today is also a busy news day. Initial Jobless Claims, SP PMI, ISM are ahead. The data also plays an important role in shaping the medium-term strategy, so it is important to evaluate the actual results.
Resistance levels: 2437, 2450
Support levels: 2430, 2421
After a false breakdown of resistance, a correction is forming. Gold is bullish at the moment (trend, sentiment and interest), so the nearest strong support may become a reversal zone for further strengthening. The potential target is 2451 - 2474.
Rate, share your opinion and questions, let's discuss what's going on with ★GOLD ;)
Regards R. Linda!
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🌹TRADING is a CASINO💔!?
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You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
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🧿 Web: rlinda.com
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NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
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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.