GOLD → Strengthening and return to range. Focus on 3340

11 giu

XAUUSD is forming a fairly strong support zone (a cascade within an upward line). The price is returning to the range, with bulls storming 3330-3340.



Markets are awaiting US inflation data (CPI), which may affect expectations for a Fed rate cut in September (chances are about 52%). Optimism following progress in US-China trade talks is supporting sentiment, but uncertainty remains due to a court ruling allowing Trump to maintain tariffs. This is holding back the dollar and helping gold. CPI forecast: 0.2% growth, core inflation 0.3%. Lower inflation, on the other hand, will support expectations of lower rates and strengthen demand for gold as a safe-haven asset.
Technically, gold is stuck between the boundaries of a symmetrical triangle. Overall, this situation is reflected in all markets. Consolidation is forming and the price could break out in either direction...

Support levels: 3301, 3330, 3340
Resistance levels: 3349, 3361, 3375

Focus on the boundaries of the previous range - 3330 - 3340. If the bulls, after the assault, manage to hold their ground above this zone, the market may take the initiative due to support and continue its growth towards areas of interest.

Best regards, R. Linda!

7 giorni fa

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