GOLD → Uptrend, price depends on CPI for FX:XAUUSD by RLinda

GOLD → Uptrend, price depends on CPI

continues to form an uptrend on the local and medium-term timeframe. The price is again testing strong resistance on H4-D1 and is showing signs of readiness to rise to 2700-2750.

The PPI report was a bit of a surprise and a small driver for the markets, including gold, as the dollar moved into correction. CPI is ahead and bets are high on the report as it could change the market's assessment of the prospects for a Fed rate cut this year. A strong CPI could add pressure on gold, while a weak report would support the bulls.Hawkish Fed rates are supported by the premise that Trump, who begins his second term next week, is likely to fuel inflation with his protectionist policies.
Technically, there is an area of volume density and order block ahead, which could trigger a small pullback to support from which upside could continue.

Support levels: 2678, 2674, 2669
Resistance levels: 2690, 2697, 2703

But, in the short (mid) term everything depends on the news. CPI is ahead and with weak data gold may go on a bull run, but strong data may stop the growth and turn the metal around. Focus on key levels!

Regards R. Linda!

Trade active

The price after correction and false breakdown of support 2678 is gaining ground in the buy zone, which gives a good entry point

Trade closed: target reached

RLinda

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