Gold Technical Analysis: Pivotal PPI Results Set to Influence

12 lugTechnical Analysis: Gold

The price of gold has recently surged, reaching our previously projected target of 2420, before subsequently dropping to the support line at 2397.

• Current Outlook:
  The price of gold is expected to be influenced significantly by the upcoming Producer Price Index (PPI) results. From a technical perspective, the bullish trend remains intact as long as the price trades above 2397, as indicated by the 4-hour volume analysis, with the potential to reach 2387.
  
  
• Bullish Scenario:
  Should the price remain above 2397, there is potential for an upside movement towards 2420 again. A PPI release of less than 2.3% would confirm this uptrend.
  
  
• Bearish Scenario:
  If the PPI results exceed expectations, particularly above 2.3%, the price may decline, targeting the 2378 level.
  
  
• Key Levels:
  - Pivot Line: 2397
  - Resistance Levels: 2413, 2420, 2438
  - Support Levels: 2387, 2378, 2357
  
  
• Today's Expected Range:
  The price is anticipated to fluctuate between the support at 2378 and the resistance at 2420, with a bullish inclination.
  
  
• Impact of Product Price Index (YoY) (June):
  With an expected result of 2.3%, the Producer Price Index is likely to exert bearish pressure on gold prices.
  
  previous idea:
  
  

12 lug

Commento

The price reversed and will run the bearish trend because the PPI released 2.6% which means the effect will be negative on the GOLD

Depending on the PPI result the direction of GOLD will be Downtrend to get 2387 and 2378.

Bearish Confirmation:🔽
closing 4h candle under 2397 means will drop to get 2387 and 2378
PIVOT LINE 2397