XAUUSD 11.03.2024 New highs for gold with a potential pullback

Market review and outlook
Following the release of the NFP data, spot gold prices rose to a new high of $2,194 an ounce, but closed at around $2,178 an ounce. The price of gold has risen for two consecutive weeks since March, and the RSI indicator is close to 71, indicating overbought conditions, but in the short term, it appears to be trading sideways at a high level in search of a new direction.

4 hour chart DOJI pattern: This shows that sideways movement is possible in the short term as the market takes a few days to digest the post-NFP changes.
The long-term macro-cycle trend is still up, but we need to remain vigilant and watch out for possible sideways or corrections.

strategic advice
Bullish thoughts: Consider going long near support with stops below the previous doji lows. When going long, consider entering the market near the edge of the descending channel.
Wait and See: In the absence of clear bearish reversal signals, a wait-and-see approach may be the main strategy.

Think about the fundamental factors
PPI and CPI data will be released this week, which could be the most volatile week in the first quarter of 2024.
Due to the high gold price, retail market purchases have declined and consumers have become more cautious.

Market impact of CPI data: The upcoming CPI data will be a key data point ahead of the March FOMC meeting and its results may trigger market volatility. The market is unlikely to expect the Fed to cut rates for the first time in May rather than June, but unexpected inflation data could affect market expectations for the FOMC.