Gold's Next Move: What Economic Data Means for XAU/USD.
Hello Traders,
Gold prices have been choppy, currently around $2640. Right now, there’s support at $2604 (the low from last month) and resistance near $2660 (the mid-range level).
Traders are watching for important U.S. economic data, especially the PCE inflation report, to help decide where gold might go next. If the PCE inflation comes in lower than expected, gold could break through the $2660 resistance and aim for $2716, which was last week's high. On the other hand, if inflation is higher, it could make the dollar stronger and put pressure on gold, causing it to drop.
I’ve marked the support and resistance levels on the XAUUSD chart, and you can check out my previous charts to see how I approach these trades. Right now, the U.S. dollar is weaker, which is helping gold. The chance of the Federal Reserve cutting rates in December has risen to 66.5%, which could push gold higher.
If inflation is lower than expected, the Fed might act to weaken the dollar further, which would support gold. However, if PCE inflation increases, it could strengthen the dollar, making gold less attractive.
As a trader, it's important to focus on what the chart tells you and avoid letting emotions or biases influence your decisions. I’ve shared some trades based on Monday’s range, and I encourage you to check those out for more insights.
For more trading ideas, feel free to follow me!
Gold prices have been choppy, currently around $2640. Right now, there’s support at $2604 (the low from last month) and resistance near $2660 (the mid-range level).
Traders are watching for important U.S. economic data, especially the PCE inflation report, to help decide where gold might go next. If the PCE inflation comes in lower than expected, gold could break through the $2660 resistance and aim for $2716, which was last week's high. On the other hand, if inflation is higher, it could make the dollar stronger and put pressure on gold, causing it to drop.
I’ve marked the support and resistance levels on the XAUUSD chart, and you can check out my previous charts to see how I approach these trades. Right now, the U.S. dollar is weaker, which is helping gold. The chance of the Federal Reserve cutting rates in December has risen to 66.5%, which could push gold higher.
If inflation is lower than expected, the Fed might act to weaken the dollar further, which would support gold. However, if PCE inflation increases, it could strengthen the dollar, making gold less attractive.
As a trader, it's important to focus on what the chart tells you and avoid letting emotions or biases influence your decisions. I’ve shared some trades based on Monday’s range, and I encourage you to check those out for more insights.
For more trading ideas, feel free to follow me!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.