Forecast:
1. Bullish Trend Expected: The price is currently testing the support level and appears to be forming a breakout structure.
2. Key Resistance Area: If the price breaks above the resistance level (~$2,940), it could continue its bullish momentum.
3. Impact of CPI Data: The confirmation of the Consumer Price Index (CPI) report could act as a catalyst, potentially pushing the price toward the resistance zone.
4. Risk of Rejection: If the price fails to break the resistance, we may see a pullback to support (~$2,900).
Conclusion:
Gold's price action suggests an upward movement toward resistance, especially if inflation data supports further bullish sentiment. However, traders should monitor price action closely for confirmation.
1. Bullish Trend Expected: The price is currently testing the support level and appears to be forming a breakout structure.
2. Key Resistance Area: If the price breaks above the resistance level (~$2,940), it could continue its bullish momentum.
3. Impact of CPI Data: The confirmation of the Consumer Price Index (CPI) report could act as a catalyst, potentially pushing the price toward the resistance zone.
4. Risk of Rejection: If the price fails to break the resistance, we may see a pullback to support (~$2,900).
Conclusion:
Gold's price action suggests an upward movement toward resistance, especially if inflation data supports further bullish sentiment. However, traders should monitor price action closely for confirmation.
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.
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.