Gold prices are influenced by the latest economic data, including CPI figures and Powell’s testimony. The Core CPI (MoM) exceeded expectations at 0.3% (vs. 0.2% forecast), while the CPI (YoY) remained at 2.9%, indicating persistent inflation. This could prompt a more hawkish Fed stance, strengthening the USD and pressuring gold. However, if inflation is seen as stabilizing, expectations of a less aggressive Fed may support gold.
Powell’s upcoming testimony is key—hawkish signals could weigh on gold, while dovish comments on potential rate cuts or a policy pause may boost its safe-haven appeal.
With the price of gold currently testing the 2880 support level, the market reaction to these events will be critical. If buyers step in, gold could regain upward momentum, potentially aiming for the previous high of 2937 and beyond. However, if the support fails and selling pressure increases, a further decline toward 2860 and lower levels could be seen. The interplay between inflation expectations, Fed policy signals, and broader market sentiment will determine the next move for gold.
Powell’s upcoming testimony is key—hawkish signals could weigh on gold, while dovish comments on potential rate cuts or a policy pause may boost its safe-haven appeal.
With the price of gold currently testing the 2880 support level, the market reaction to these events will be critical. If buyers step in, gold could regain upward momentum, potentially aiming for the previous high of 2937 and beyond. However, if the support fails and selling pressure increases, a further decline toward 2860 and lower levels could be seen. The interplay between inflation expectations, Fed policy signals, and broader market sentiment will determine the next move for gold.
Trade active
As previously mentioned, the price reached the support level of 2860 before rising above 2880. Currently, it is expected to attempt an upward movement toward 2937.
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Profit isn’t about luck, it’s about strategy. Get free signals and trade smarter: Telegram Channel [t.me/ArinaMarketAnalysis].
The market is waiting—you can make money, and you should.
The market is waiting—you can make money, and you should.
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.