GOLD → Retest 2720. CPI ahead, what to expect?
Updated
XAUUSD is coming out of a long consolidation and testing 2688. Bulls are trying to keep the defense above this zone, but the risks are increased by the publication of CPI...Gold was boosted by the escalation of the conflict in the Middle East and renewed buying of gold reserves by China. Amid looming tariffs announced by Trump and weakening labor market conditions, the US inflation report will be crucial in determining the Fed's easing trajectory in the coming months.
Further upside for gold prices hinges on the release of US CPI data, which is likely to set the pace for US Fed action early next year.
Technically, gold is heading towards broad range resistance as well as the 2720 liquidity zone. The chances of reaching the target are high, but a sharp approach and high news volatility could trigger a false breakout.
Resistance levels: 2705, 2720
Support levels: 2688, 2675, 2658
The CPI data may trigger both a rise in the dollar and a deep correction, depending on the interpretation of the current US economy. Gold may react accordingly, but it all depends on the actual data.
Regards R. Linda!
Trade closed: target reached
2721 reached
Note
Double maneuver)
Both objectives achieved
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