On Thursday, the US dollar index briefly rallied after the Federal Reserve's favorite inflation indicator unexpectedly rebounded, crossing the 100 mark for the first time in two months. This marked the sixth consecutive trading day of gains and the first monthly gain since 2025.
Spot gold rebounded as risk aversion lingered amid uncertainty surrounding Trump's tariff deadline, reaching a high of around $3,315, but its intraday gains narrowed after the release of the PCE data.
The dollar has already firmly established itself above the 100 mark on the daily chart, so the next target is likely to be between 101.5 and 102.0. Currently, support levels on the daily chart are visible at 99.5 and 99.0.
The gold market is currently consolidating in the 3315-3275 range. However, if the dollar rises again, Quaid believes gold prices could fall below 3275.
On the daily chart, if it falls below 3275, the price would likely be around 3250. If 3250 falls below, the market could test 3200. However, the possibility of a consolidation between 3315 and 3275 remains undisputed.
Before the release of the non-farm payroll data, scalping within this consolidation range is advisable. However, the risk is relatively high, so please take profits in time.
Spot gold rebounded as risk aversion lingered amid uncertainty surrounding Trump's tariff deadline, reaching a high of around $3,315, but its intraday gains narrowed after the release of the PCE data.
The dollar has already firmly established itself above the 100 mark on the daily chart, so the next target is likely to be between 101.5 and 102.0. Currently, support levels on the daily chart are visible at 99.5 and 99.0.
The gold market is currently consolidating in the 3315-3275 range. However, if the dollar rises again, Quaid believes gold prices could fall below 3275.
On the daily chart, if it falls below 3275, the price would likely be around 3250. If 3250 falls below, the market could test 3200. However, the possibility of a consolidation between 3315 and 3275 remains undisputed.
Before the release of the non-farm payroll data, scalping within this consolidation range is advisable. However, the risk is relatively high, so please take profits in time.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
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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.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
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.