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GOLD → Aggressive buyers... Ahead of PPI
GOLD updates the high to 2586, forming a local resistance, which acts as some trigger zone for the continuation of growth. But, Friday's close is neutral, which may influence a correction to support before the news.
There is a lot of news in the coming week: Core Retail Sales, CPI, FOMC, FED,... The focus is on Fed Interest Rfte Decision, where officials have to decide on whether to cut interest rates in the US. From a global perspective this is a bullish scenario for gold, but it depends on whether the rate will be cut by 25 basis points or 50, the former could upset investors....
The dollar is testing a strong support and is one step away from entering a new range of 100.6 - 94.6. Quite a wide channel, now imagine the potential of the markets, with the index falling so much.
Resistance levels: 2586, 2600
Support levels: 2572, 2563, 2550
In anticipation of the news, traders may go into a phase of profit taking, which may form a small correction in gold (It is also the interest of whales, to cheapen before the growth...).
- A break of resistance will be a trigger for the continuation of growth.
- From the support there can be either a false breakdown or a continuation of the fall to the next zone
(Source from: TV-By RLinda) hello 👋
Yesterday's train of thought still came true. After a slight Rebound in comparison, it fell directly, successfully reaching our target point. It's perfect to take profits and leave the market. There's nothing else. Midnight comparison oscillated in a wide range, with intense tug-of-war between long and short positions. Early morning shorts showed strong volume, and everything eventually returned to the starting point. Currently, comparison has rebounded at the bottom again, and the tug-of-war is not over yet. In the short term, long positions have certain advantages, but the outcome is still unknown.
Currently, the market data is running in a downward channel from the four-hour chart, indicating a short trend. However, the recent low points have been gradually rising, showing signs of stabilization. On the hourly chart, there is a short-term situation of a bullish engulfing pattern, with an increase in long positions, attempting to break new highs but with limited rebound strength, not enough to change the situation. The resistance level above is around 59000. If the price can effectively break through this resistance level, it will challenge higher resistance levels. In the short term, the market data is in a phase of rebound consolidation, with long positions preparing to try the previous high. We will temporarily observe the strategy of shorting the rebound and then make a layout. If the resistance level is effectively broken, we can consider reversing the strategy.
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Thanks 🙏