GOLD/ Preparing to 2810 New HighThe analysis indicates that gold is in a position to challenge the resistance level at 2789. However, it recently reversed after testing this level, undergoing a corrective phase. Following this correction, the price is expected to regain momentum, break through the 2789 resistance, and reach a new high of 2810. After touching the 2810 level, the analysis anticipates a sharp decline in price, signaling a potential bearish reversal after the upward movement.
This week, significant economic data releases are likely to influence the gold market. Key data points include Federal Reserve interest rate decisions, U.S. GDP growth figures, and updates on inflation rates through the Personal Consumption Expenditures (PCE) index. These factors will play a critical role in shaping investor sentiment and determining the price trajectory of gold. A dovish stance from the Federal Reserve or weaker-than-expected economic data could support the bullish scenario, as gold typically benefits from lower interest rates and economic uncertainty. Conversely, strong economic performance or hawkish commentary from central banks could pose resistance to further price increases.
