GOLD → ATH Testing. Fundamental background is favorable
Updated
XAUUSD continues to strengthen as the fundamental background improves. A rate cut is coming, as hinted by Powell, the dollar is poised to decline against this backdrop....
According to Powell, the Fed has "more evidence and confidence" that inflation is cooling, so they may cut rates before inflation reaches the 2% target. Traders generally believe in the continuation of the growth of the metal, technically this background is also maintained.
The price is approaching the ATH, but the liquidity behind this zone may push the price back, forming a small correction, for example to 2430-2420 before the price starts to return to 2450 before rising further.
Resistance levels: 2440, 2450
Support levels: 2430, 2420
Fundamentally and technically the background is favorable. It is worth looking for strong zones to open long trades, but it is worth paying attention to ATH, as a false breakdown could form a correction. The growth may continue rather quickly
Rate, share your opinion and questions, let's discuss what's going on with GOLD ;)
Regards R. Linda!
Trade active
A strong response to resistance breakthroughs. There may not be a pullback if there is no false breakout. Watch the price. If the session closes as bullish as possible, the growth may continue up to 2475-2500
Trade closed: target reached
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