Hello traders! Yesterday, gold skyrocketed by more than 300 pips, pushing price into the mid-zone of the long-term bullish channel. This move sets the stage for the uptrend to continue in both the short and medium term.
Yesterday, the Core PCE index for July rose 0.3% MoM, in line with expectations and matching the previous month. On a YoY basis, Core PCE climbed from 2.8% to 2.9%, signaling that inflationary pressures remain. This data reinforces market expectations for a 25 bps Fed rate cut at the mid-September meeting.
With the Fed leaning toward easing, the USD could weaken, thereby supporting further bullish momentum for gold.
Technical Outlook (8H):
Gold remains in its bullish channel, with yesterday’s candle closing above EMA 34 & EMA 89, confirming the uptrend.
Support: ~3,405 USD (channel bottom + horizontal zone).
Resistance: ~3,500 USD, where a mild pullback may occur before aiming higher.
Short-term setup: Price could retest 3,405 USD before bouncing back to challenge 3,500 USD and potentially breaking out further.
In summary: Gold maintains its bullish trend, with 3,405 as the key level and 3,500+ as the target. Upcoming US data will be crucial in determining whether a true breakout follows.
Yesterday, the Core PCE index for July rose 0.3% MoM, in line with expectations and matching the previous month. On a YoY basis, Core PCE climbed from 2.8% to 2.9%, signaling that inflationary pressures remain. This data reinforces market expectations for a 25 bps Fed rate cut at the mid-September meeting.
With the Fed leaning toward easing, the USD could weaken, thereby supporting further bullish momentum for gold.
Technical Outlook (8H):
Gold remains in its bullish channel, with yesterday’s candle closing above EMA 34 & EMA 89, confirming the uptrend.
Support: ~3,405 USD (channel bottom + horizontal zone).
Resistance: ~3,500 USD, where a mild pullback may occur before aiming higher.
Short-term setup: Price could retest 3,405 USD before bouncing back to challenge 3,500 USD and potentially breaking out further.
In summary: Gold maintains its bullish trend, with 3,405 as the key level and 3,500+ as the target. Upcoming US data will be crucial in determining whether a true breakout follows.
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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.
Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
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.