Double Top Analysis and Prediction of Upcoming Correction
In the trading session last night, the market reacted to new data from the US economy, especially inflation figures related to import and export prices. The US import price index in September fell 0.4% compared to the previous month, a deeper decline than expected, indicating that inflationary pressures are easing. This signals the possibility that the Fed will continue to cut interest rates to support the economy, increasing the attractiveness of gold as a safe investment channel.
Meanwhile, the export price index also fell sharply by 2.1% compared to the same period last year, reflecting the pressure to reduce US goods prices in the international market, which could boost global consumer demand in the short term.
The technical analysis for the gold chart shows an important resistance level at $2,683/ounce, where gold prices have reached and failed to surpass in recent sessions. A correction is possible, if gold fails to break above this level, prices may drop to the support level at $2,600/ounce in case global economic and political volatility continues.
Meanwhile, the export price index also fell sharply by 2.1% compared to the same period last year, reflecting the pressure to reduce US goods prices in the international market, which could boost global consumer demand in the short term.
The technical analysis for the gold chart shows an important resistance level at $2,683/ounce, where gold prices have reached and failed to surpass in recent sessions. A correction is possible, if gold fails to break above this level, prices may drop to the support level at $2,600/ounce in case global economic and political volatility continues.
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