Dear traders, Ben here!
Gold is rising after being squeezed and consolidating at the highest level of the 2926 - 2893 range, which is generally a sign that the market is ready to break resistance. But it all depends on the news ahead...
Traders are eagerly awaiting US CPI data. The dollar is recovering somewhat ahead of the news, and this is affecting gold, but weak inflation data could push prices higher once again.
New trade measures, driven by Trump’s tariff war and geopolitical tensions, are adding extra pressure to the market. A major challenge is the lack of clear direction from global leaders, as their decisions keep changing: one moment they impose tariffs, the next they revoke them. This uncertainty is leading to insufficient market volatility, making it more difficult for traders to navigate.
Key Levels:
Resistance: 2920, 2926
Support: 2910, 2893
Emphasizing 2926, a breakout above this level will trigger an upward move. Right now, the price is attempting to escape local consolidation to test 2926, from which a slight pullback may occur before another breakout. Focus on CPI, weak data could provide further support for gold's upside.
Regards Bentradegold!
Gold is rising after being squeezed and consolidating at the highest level of the 2926 - 2893 range, which is generally a sign that the market is ready to break resistance. But it all depends on the news ahead...
Traders are eagerly awaiting US CPI data. The dollar is recovering somewhat ahead of the news, and this is affecting gold, but weak inflation data could push prices higher once again.
New trade measures, driven by Trump’s tariff war and geopolitical tensions, are adding extra pressure to the market. A major challenge is the lack of clear direction from global leaders, as their decisions keep changing: one moment they impose tariffs, the next they revoke them. This uncertainty is leading to insufficient market volatility, making it more difficult for traders to navigate.
Key Levels:
Resistance: 2920, 2926
Support: 2910, 2893
Emphasizing 2926, a breakout above this level will trigger an upward move. Right now, the price is attempting to escape local consolidation to test 2926, from which a slight pullback may occur before another breakout. Focus on CPI, weak data could provide further support for gold's upside.
Regards Bentradegold!
Trade active
Trade closed: target reached
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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.