GOLD → Retest 4060 within the range. What are the expectations?

kelmarin

XAUUSD is forming a correction from the Asian session, with the price testing the important 4060 zone ahead of two key events: US inflation data (CPI) and the results of US-China trade negotiations.

Key factors: US inflation (CPI): Low data will support gold (expectations of two cuts in 2024), but high figures will strengthen the USD and weaken gold (rates for a rate cut in December will decline).
Progress in negotiations between China and the US could weaken gold, while failure would bring back demand for safe havens. US sanctions against Russian oil are supporting oil prices and inflation expectations.
Gold is in wait-and-see mode. Growth is likely with weak CPI or a failure of negotiations. Strong CPI and progress in trade will reinforce the correction. The mood remains cautious ahead of events.

Resistance levels: 4090, 4150, 4163
Support levels: 4060, 4002

The important zone of 4060 - gold is forming a false breakdown. If the bulls hold their defense above this zone, it could trigger growth towards the resistance of the range. Otherwise, we can expect a retest of 4000K, and the reaction should be aggressive...

Best regards, R. Linda!

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