XAUUSD strengthens to an interim high and hits strong resistance at 2477.5. Gold is not ready to break the boundary yet and is forming a pullback ahead of the news - PPI to be released at 12:30 GMT.Fundamentally, traders are still watching the situation in the Middle East as there are rumors of different nature every day. If the conflict escalates, it will only increase the interest in the metal.
Also, traders are waiting for PPI (one of the key inflation reports) as well as CPI (to be published on Wednesday) to determine if the US Federal Reserve is preparing a significant interest rate hike after the weak employment report.
Technically, 2477 and 2458 are worth watching. If price starts to return to resistance and consolidate near the level, then a breakout is worth waiting for. But a break of support at 2458 will send the price down to the zone of interest before a possible rise.
Resistance levels: 2477, 2483
Support levels: 2458, 2450, 2439
Key focus on news and market fundamentals that could set a medium-term tone for the dollar and gold. But, technically gold is strongly bullish...
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Trade active
Consolidation inside the range (pre-breakout consolidation). Price continues to test key resistance amid dollar decline
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🌹TRADING is a CASINO💔!?
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Disclaimer
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