Gold: Poised for Movement Ahead of Chair Powell's Testimony for FX:XAUUSD by KlejdiCuni

Gold: Poised for Movement Ahead of Chair Powell's Testimony

Gold: Poised for Movement Ahead of Chair Powell's Testimony

From yesterday's analysis, our price reached all three targets as shown in the chart.

Currently, the price is testing a strong support zone near $2,882, and the chances of a rise are very high.

However, today marks the beginning of Federal Reserve Chair Jerome Powell's two-day testimony on Capitol Hill.

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Note

GOLD Analysis: Recent Movements and Trading Scenarios

From our analysis yesterday, GOLD increased from the support zone at 2883 to the first target of 2900, reaching a maximum of 2908.50.

✅Bullish Scenarios:
The price may rise again from the current position with targets at 2900, 2920, and 2930.
Market speculation about the upcoming US CPI data could further push GOLD up.

✅Bearish Scenarios:
The situation is already very risky. If the price moves below the red zone, it could trigger an aggressive sell-off, as explained in yesterday's analysis.
The market is currently positioned predominantly on the LONG side.

Note

🚨GOLD
Remember what Reuters wrote yesterday and what I explained all these days...GOLD is already going down at the moment.

It could be temporary or it could continue to move lower, but it's still moving down and requires a lot of caution⚠️

Note

GOLD reached 2864

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