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As of writing,
XAUUSD is experiencing a mild recovery from the lows, currently moving around the 3360 USD level. The precious metal has formed a new support zone and is bouncing after touching the trendline. If this level is well-utilized, the target could extend to test 3380 USD (intermediate resistance) and potentially the psychological level of 3400 USD.
Looking at the outlook: Today, key economic indicators, including Core PPI (Core Producer Price Index), PPI (Producer Price Index), and Unemployment Claims will be released. Forecasts suggest that Core PPI and PPI will increase by 0.2%, while Unemployment Claims are expected to drop to 225K.
If PPI is high, this could lead the Fed to maintain high interest rates, putting downward pressure on gold. However, if Unemployment Claims rise, gold could benefit from its safe-haven role and continue to rise (two opposing factors). Therefore, it’s important to monitor these developments for a clearer direction on gold.
Based on this information, I’m leaning towards a recovery in gold, but what do you think?
As of writing,
XAUUSD is experiencing a mild recovery from the lows, currently moving around the 3360 USD level. The precious metal has formed a new support zone and is bouncing after touching the trendline. If this level is well-utilized, the target could extend to test 3380 USD (intermediate resistance) and potentially the psychological level of 3400 USD.Looking at the outlook: Today, key economic indicators, including Core PPI (Core Producer Price Index), PPI (Producer Price Index), and Unemployment Claims will be released. Forecasts suggest that Core PPI and PPI will increase by 0.2%, while Unemployment Claims are expected to drop to 225K.
If PPI is high, this could lead the Fed to maintain high interest rates, putting downward pressure on gold. However, if Unemployment Claims rise, gold could benefit from its safe-haven role and continue to rise (two opposing factors). Therefore, it’s important to monitor these developments for a clearer direction on gold.
Based on this information, I’m leaning towards a recovery in gold, but what do you think?
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✅ Receive 7–10 high-quality signals daily for Forex, Gold, and Bitcoin
✅ Fast updates, accurate alerts
✅ Suitable for both beginners and experienced traders
👉 Join now by clicking this link:
t.me/+6v7LMJO7cI04Nzg1
✅ Fast updates, accurate alerts
✅ Suitable for both beginners and experienced traders
👉 Join now by clicking this link:
t.me/+6v7LMJO7cI04Nzg1
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.