⭐️Fundamental analysis
Gold prices are fluctuating in a narrow range due to cautious sentiment before the US inflation data is released. The USD has recovered thanks to investors selling positions after the recent decline.
If inflation is weaker than expected, the Fed may cut interest rates, weakening the USD and pushing gold prices up. Conversely, if inflation is higher than expected, the Fed may keep interest rates high, putting downward pressure on gold prices.
In addition, US-Canada trade tensions and US-Russia peace talks on Ukraine also affect the market, so the impact of inflation data on gold prices may not last long.
⭐️ Technical analysis
Gold is sideways in the Asian session with a small range from 2912-2920. Waiting for signs of breaking out of this range. When the price breaks 2912 to 2908, the US session's Buyer zone is very noticeable. By the end of the US session, the price was still trading above 2908, proving that the price wanted to increase and break 2920 to reach 2929 and 2943. Note that the support zone of 2880 will still be the boundary that gold will find difficult to break today.
Gold prices are fluctuating in a narrow range due to cautious sentiment before the US inflation data is released. The USD has recovered thanks to investors selling positions after the recent decline.
If inflation is weaker than expected, the Fed may cut interest rates, weakening the USD and pushing gold prices up. Conversely, if inflation is higher than expected, the Fed may keep interest rates high, putting downward pressure on gold prices.
In addition, US-Canada trade tensions and US-Russia peace talks on Ukraine also affect the market, so the impact of inflation data on gold prices may not last long.
⭐️ Technical analysis
Gold is sideways in the Asian session with a small range from 2912-2920. Waiting for signs of breaking out of this range. When the price breaks 2912 to 2908, the US session's Buyer zone is very noticeable. By the end of the US session, the price was still trading above 2908, proving that the price wanted to increase and break 2920 to reach 2929 and 2943. Note that the support zone of 2880 will still be the boundary that gold will find difficult to break today.
Trade active
Gold could not break the 2908 zone so it is still trading sideways.Trade closed: target reached
Gold price moves within striking distance of record-highGold price climbed to over a two-week top during the Asian session on Thursday and might now aim to retest the all-time peak. Concerns about rising trade tensions and slowing economic growth underpin the safe-haven bullion.
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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.
JOIN OUR FREE TELEGRAM GROUP t.me/+HARBQ2pBFaI5ZjI1
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
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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.