XAUUSD continues to rally on positive fundamentals that emerged at the end of last week. The market is pricing in an almost 100% cut in interest rates, which is weakening the dollar and supporting the metal...Gold is holding close to its record high of $3,600 after extremely weak US employment data for August. This has reinforced expectations of a 25 bp Fed rate cut this month.
This week, attention is focused on the release of US inflation data (CPI and PPI). Inflation data in the US will confirm or adjust expectations for Fed policy easing. If inflation remains high, this could delay aggressive rate cuts and cause a correction in gold. For now, the bullish trend continues.
Resistance levels: 3615, 3634, 3650
Support levels: 3600, 3578
Technically, a strong bullish trend. Growth may continue after price consolidation above 3614-3615 or after a slight correction to support at 3600 relative to the current local rally.
Best regards, R. Linda!
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
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.