Gold expands its range, waiting for key U.S. economic data.USD buyers took profits after a three-month high, repositioning before key U.S. economic data. The JOLTS survey and Consumer Confidence data will be watched for insights on economic resilience and potential Fed rate cuts. Traders are cautious ahead of the PCE inflation index and Non-Farm Payroll report, as well as Q3 earnings from major companies like Alphabet, Meta, and Amazon, which are weighing on the USD.
Personal opinion:
If gold holds steady at $2,750, it could be a positive signal for optimistic traders. If it continues to rise, gold might surpass the all-time high around $2,759 and test the resistance level of the upward trend line that has been in place for nearly four months, around $2,770-2,775. If this momentum continues, we could see gold reaching the $2,800 mark.
Pay attention to the price range:
Buy Zone: 2727 - 2725
SL: 2720
Sell Scalp: 2758 - 2760
SL: 2765
Sell Zone: 2769 - 2771
SL: 2776
