Gold Analysis and Upcoming US Inflation News
The gold chart has been moving within a range for the past 25 days, with traders seemingly undecided on its future direction 📊.
The resistance level is at $2,530, while the support level is around $2,470.
With the upcoming **Federal Reserve** meeting and the **US CPI inflation** report set to be released tomorrow, Wednesday, September 11th, the gold market might experience a significant move after this period of consolidation.
If inflation decreases, it will likely weaken the **US Dollar** and benefit **gold** 📈. On the other hand, if inflation increases, the **US Dollar** may strengthen, which could negatively affect **gold** prices 📉.
In the case of an upward breakout from the current range, given the weak upward momentum seen on the daily chart, it’s recommended to set a target of **half the range height** for the next move 📏. Similarly, if the price breaks downwards, considering this move would be against the long-term trend, a target equal to **half the range height** would also be a reasonable approach.
💬 What are your thoughts on the next move for gold?
- Trend Analysis
- Support and Resistance
- Fundamental Analysis
📈💡 #GoldAnalysis #USD #Inflation #Tradecitypro #TCP
The resistance level is at $2,530, while the support level is around $2,470.
With the upcoming **Federal Reserve** meeting and the **US CPI inflation** report set to be released tomorrow, Wednesday, September 11th, the gold market might experience a significant move after this period of consolidation.
If inflation decreases, it will likely weaken the **US Dollar** and benefit **gold** 📈. On the other hand, if inflation increases, the **US Dollar** may strengthen, which could negatively affect **gold** prices 📉.
In the case of an upward breakout from the current range, given the weak upward momentum seen on the daily chart, it’s recommended to set a target of **half the range height** for the next move 📏. Similarly, if the price breaks downwards, considering this move would be against the long-term trend, a target equal to **half the range height** would also be a reasonable approach.
💬 What are your thoughts on the next move for gold?
- Trend Analysis
- Support and Resistance
- Fundamental Analysis
📈💡 #GoldAnalysis #USD #Inflation #Tradecitypro #TCP
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💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
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.
💥 Don’t Miss Out!
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
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.