Bullish Inflation Data Fuels Gold Rebound — Impulsive Waves!?

15 mag

Gold(XAUUSD) started to fall from the Resistance zone($3,280-$3,245) as I expected in the previous idea, but 50_SMA(Daily) and Support lines were able to hold Gold.
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Today, key U.S. economic data was released:

Core PPI m/m: -0.4% (vs. 0.3% forecast)

Core Retail Sales m/m: 0.1% (vs. 0.3% expected)

PPI m/m: -0.5% (vs. 0.2% forecast)

Retail Sales m/m: 0.1% (in line)

Unemployment Claims: 229K (as expected)

Outlook:

The weaker-than-expected inflation data, especially the PPI figures, indicate easing inflationary pressures. This may increase expectations for potential Fed rate cuts, which generally supports gold as a non-yielding asset.

Conclusion:

Today’s data is overall bullish for gold. Watch for continued upside if sentiment shifts further toward dovish Fed expectations. However, keep an eye on upcoming Fed commentary for confirmation.
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Gold is moving above the Heavy Support zone($3,200-$3,136) and has managed to break the Resistance lines.

In terms of Elliott Wave theory, Gold seems to have completed the corrective waves, and we can expect the start of an impulsive wave. Breaking the Resistance zone($3,280-$3,245) can be a good sign for the start of an impulsive wave and a gold pump.

I expect Gold to start rising again after a pullback to the Resistance lines(broken), probably from the Fibonacci Levels inside the chart, and attack the Resistance zone($3,280-$3,245).

Note: If Gold touches $3,154 [Stop Loss(SL)], we can expect more dumps.

Gold Analyze ( XAUUSD ), 1-hour time frame.

Be sure to follow the updated ideas.

Do not forget to put a Stop loss for your positions (For every position you want to open).

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16 mag

Trade attivo

Trade was activated

16 mag

Nota

Still alive, Gold did not touch $3,154

19 mag

Trade chiuso: obiettivo raggiunto

Target Done

The Stop Loss(SL) was $3,154, which dropped to $3,154.30 :).

You could have profited from both short and long positions in this analysis.