Gold could rise to 2060

١٢ يناير ٢٠٢٤

Analyzing XAUUSD in light of the most recent data, the headline Consumer Price Index (CPI) for the previous month exceeded expectations. It recorded a year-on-year increase of 3.4%, surpassing the anticipated 3.2%. Additionally, the core gauge outperformed predictions, reaching 3.9%, surpassing consensus estimates by one-tenth of a percent.

Initially, this data triggered a decline in the price of Gold, but this downturn was brief, and the price swiftly rebounded back into its familiar range. Furthermore, a closer look at the chart reveals that the price, once again, reversed from the 2020 confluence support zone, which, in my opinion, contributes to a bullish scenario.

As I discussed in yesterday's post, confirmation of the reversal still requires a break above 2060. In such a scenario, the upward movement could intensify toward the 2060 resistance, with a high probability of extending to 2080.

In summary, my bullish sentiment has strengthened compared to yesterday. In my view, purchasing on dips against yesterday's low seems to be a prudent strategy.

Best of luck!
Mihai Iacob

١٢ يناير ٢٠٢٤

ملاحظة

XauUsd is flirting with resistance.
A break looks imminent

١٢ يناير ٢٠٢٤

ملاحظة

Target hit.
Let s see 2080 now:)