XAUUSD rises to 2340 on the back of yesterday's CPI and Powell's comments form a shakeup in the market and the price of the metal drops to 2308, forming a false breakdown of the key liquidity area of 2325.Today the market is expecting PPI (MoM) and Initial Jobless Claims. Producer Price Index is expected to be lower than last period 0.1% instead of 0.4%, but it all depends on the actual data. Mind you, yesterday the market got a CPI of 3.3%, versus the expected 3.4%. But Powell did not say anything interesting in the change of views and still sticks to the hawkish side. Technically, gold is breaking local upside support and forming a consolidation below 2325. If the data is bullish for the dollar, gold could continue to fall towards 2290-2265.
Resistance levels: 2325, 2340
Support levels: 2305, 2291
Technically gold is showing weakness, but it reacts quite strongly to any small positive news. The whole emphasis on today's news, if the fundamental background remains negative, we will consider the targets below, if there are hints of a change in the background, we can consider price growth to 2340-2355.
Regards R. Linda!
Trade active
The risk zone at the moment is 2306-2309. Local consolidation of the price below this zone can provoke sell-offsNote
Gold falls after positive news
Interesting...
The market is very weak.
Note
Breakout attempt 2300 (Test 2297)Trade active
Excellent realizationPrice is testing the local low of 2295
At the moment +300 pips!
Trade active
A correction to 2314 is formingPrice is forming a range
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🌹TRADING is a CASINO💔!?
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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.