GOLD: What's Going on with the Complex Financial Data?
Hello everyone! Today i want to share some macro analysis with you!
1.
$Gold - main 2408(GCmain)$ News: The gold market has shown remarkable resilience this week, with the price of gold holding firm above the key support level of $2,400 per ounce, despite Friday's rise in the Producer Price Index (PPI) having an impact on the market. This performance is seen by some analysts as a strong signal that the consolidation phase in the gold market is coming to an end.
Fed Chairman Jerome Powell's relatively dovish comments in his congressional testimony, coupled with lower-than-expected inflation in the core Consumer Price Index (CPI), injected new vigour into the gold market. Core CPI has risen by 3.0% over the past 12 months, with annual inflation rising at its lowest rate since April 2021, which further reduces market concerns about inflation and strengthens expectations for accommodative monetary policy from the Fed.
2.
$XAU/USD(XAUUSD.FOREX)$ Gold technical level: D1 trend, gold prices in recent days, although the rebound power slowed down, but also maintain a strong trend, while the trend is also running in the middle of the Bollinger band channel rail and the 60-day average above the main chart averages support a lot of, the 100-day average is also stable upward extension, maintaining a good bullish outlook. Gold has just rushed high and fell back from the highest point to the present 2391 fell back near $21. From the medium and long term, the potential for gold to rise in the aftermath of the market is still very large, regardless of the fundamentals or technical aspects. Pointing to the only direction only more! But from the short term, gold has just broken through 2400. In fact, it has not yet stabilised, and for the averages, the price deviates from the k-line is very far, from now to next week back down the risk is still very big.
PPI data is negative, there are big money to take advantage of the opportunity to smash the disc, the price of gold since 2303 fell to 2391, and then rebound, as of the posting of the price of gold once again reached 2411 near. For this kind of walk on Friday, next week, at least the first half of the next week gold is still bullish ideas, because the wave went higher after the retracement did not fall below last week's highs, so the gold price but above 2391, bullish unchanged, above the initial resistance is still the location of 2425, the key resistance 2450 historical former highs. Comprehensive point of view, this week's trading continue to buy single-based, short-term focus on 2424-2429 resistance, the following short-term focus on 2400-2395 support.
Follow me to learn more about analysis!!
https://x.com/TradersXauusd/status/1812062128553226299
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
