XAUUSD is pulling back slightly after hitting a new high of 3423. The trend is bullish, and on the D1 chart we see a breakout of a symmetrical triangle, which generally hints at bullish potential.Gold is correcting after rising to $3423 in anticipation of US PCE inflation data.
Key factors: Doubts about the Fed's independence are limiting the USD's strengthening. Soft Fed rhetoric: Board member Waller supported a rate cut in September and further easing. The probability of a September rate cut is estimated at 87%.
Today's news: Core PCE inflation data (forecast: 2.6% y/y).
If below forecast → increased expectations for policy easing → support for gold
If above forecast → dollar strength → gold correction
Short-term gold dynamics depend on inflation data and its impact on Fed rate expectations
Support levels: 3405, 3394, 3386.5
Resistance levels: 3415, 3423, 3433
As part of the correction, the price may test liquidity zones and enter a consolidation phase ahead of the news. However, the market is one step away from distribution (exit from a symmetrical triangle). If the bulls keep the price above 3400 as part of the correction, we will have a good chance to catch the rally...
Best regards, R. Linda!
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🌹TRADING is a CASINO💔!?
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