XAUUSD enters the 1857-1877 range, consolidates above the support and makes a new jump. Yesterday I talked about strong fundamentals, relative to technical analysis and what we see is a breakout of said resistance.
Today PPI – one of the inflation indicators is published and at 18:00 GMT FOMC Meeting Minutes – most likely the information trend of previous periods will be preserved. At the same time
DXY is in the phase of correction to the support area, the publication of bullish news for the dollar may resume further growth of the index, which will partly affect the gold. In the nearest future the market may test the resistance of 1877, after which the price may roll back to the support. In the long term, the market may trade inside the sideways range to determine the further scenario, but it should be understood that gold is bought up during the war. In the absence of further escalation of the conflict, the price may decline, but not significantly: the longer-term factor – expectations of the end of the Fed rate hike cycle – is also having an impact.
Resistance levels: 1874, 1877.5
Support levels: 1857.7
In the future, I expect a retest of resistance and subsequent rebound with further forging of the sideways range
XAUUSD
GC1!
MGC1!
XAGUSD
DXY
US500
Regards R. Linda!