GOLD → Consolidation in correction phase ahead of news...

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XAUUSD is in correction phase, but before important news a consolidation is formed due to fear and unpredictability factor. Analysts are expecting a decline in inflation, but what will happen in fact? A bull run or a dump?

Markets are pricing in an 81% chance of a 0.25% interest rate cut in November. But yesterday's minutes showed that most officials supported an excessive 0.5% rate cut to balance inflation confidence and labor market concerns.
Ahead of CPI, Initial Jobless Claims ...
If CPI shows stronger data, the question among regulators will be in a different vein of “should we cut 0.25?” which will only reinforce the dollar's rally and markets will continue a solid correction.
A larger decline in CPI could revive hopes of an excessive Fed rate cut in November, triggering a correction in the US dollar. Gold could experience a fresh influx of funds.....

Resistance levels: 2623, 2627, 2637
Support levels: 2605, 2600, 2585

Technically gold is in correction and the pressure from bears continues. In the mid (short) term, I expect a retest of resistance at 2623 (a false breakdown is possible) followed by a decline to 2600-2585. It is not excluded that the news may have an opposite effect...

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

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