GOLD → Reached 2300. What's next, going higher or correction?

XAUUSD breaks records and updates the high to 2305, but technically, the implied target is still not reached. Today Initial Jobless Claims before NFP is published and the market may go into a consolidation phase.

On D1 we see the dollar declining after a false break of the resistance at 104.94 as well as the downside resistance. Ahead of Initial Jobless Claims, in general, traders are waiting for neutral-negative data, the situation is still complicated, but Powell is trying to keep the market from Panic with his statements.

Obviously, after the release of PMI and JOLTS data the Fed will not change the policy based on Q1 data. What is happening in the market now is emotion, but many people take it seriously. Still, we should wait for more important and factual data than just words in the air.
The inflation rate in January-February was higher than in 2023, which was the reason for the panic "inflation will be even higher and rates will be held for longer". But, the latest data doesn't change the situation significantly.

2300 may become a key psychological level for gold and cool down the market a bit, which may form a correction. There are still some areas of imbalance that the market maker may test before resuming the rise to the resistance level formed on the monthly timeframe.

Support levels: 2288, 2265, 2253
Resistance levels: 2300, 2325, 2337

Technically, a small correction to liquidity zones may start before further rsoot towards psychological levels

GC1! MGC1! DXY

Regards R. linda!

تعليق:

intraday volatility decreases
Market waiting for NFP

تعليق:

Interim target achieved