GOLD → An intermediate bottom of 2350 is forming. What's next?

10 lug

XAUUSD is testing 2350, gathering liquidity below this zone. Bulls are actively holding the defense above the key area and the overall picture looks promising.... BUT!

Powell's speech continues today ahead of CPI and PPI. Things are heating up, the slightest hint of an unpredictable outcome could shake the market.

For now, there are some positive signs after Powell's words:

- Keeping rates high for too long could jeopardize growth in the U.S. economy
- A rate hike is unlikely to be the next step
- The Fed has made significant progress in bringing inflation down to the 2% target, recent monthly numbers show modest further progress
- Fed needs more favorable inflation data to cut rates

Overall, traders are not getting enough of this, the market is in consolidation and no one is in a hurry to take premature action yet. We are waiting for today's comments of the Fed chief.

Technically, gold is showing bullish dynamics after the bulls did not let the price go beyond 2350. The price is consolidating above the key level of 2365 and testing the area of interest and liquidity of 2375-2380. A breakout and consolidation of the price above this area may further strengthen the price, as the promising target, at the moment, is 2387 - 23400.

Resistance levels: 2373, 2380
Support levels: 2365, 2355, 2350

A bounce to the downside before further growth is possible, but price consolidation above the key zones could form an interim bottom for the bulls. All emphasis on Powell's comments.....

Rate, share your opinion and questions, let's discuss what's going on with gold ;)

Regards R. Linda!

10 lug

Trade attivo

Good momentum from the key 2365 zone.
Almost 200 pips.
The first target has been reached