Hey Traders, in today's trading session, we are monitoring XAUUSD for a buying opportunity around the 2315 zone. Gold is trading in an uptrend and is currently in a correction phase, approaching the trendline at the 2315 support and resistance area. Fundamentally, today's CPI data was soft, coming in below expectations with both core and headline inflation at 3.3% for May versus the expected 3.4%. This weaker-than-expected inflation data could prompt the Federal Reserve to adopt a more dovish stance, potentially weakening the dollar. Due to the negative correlation between gold and the dollar, a weaker dollar could push gold prices higher, making this an attractive buying opportunity.
Note
Decent pullbacks approaching the trend now!
Note
Powell noted recent inflation progress without much new insight. Given solid CPI data, a September rate cut seems likely, making USD bearish and Gold bullish.
Trade active
Soft PPI tooNote
DXY is at a decent resistance now which can be perfect for Gold as a negative correlation
Note
with central bank uncertainty gold seems to be stuck between MAs
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Free Telegram Group:
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.