GOLD → Shakeout and false breakdown of 2325. PPI ahead

13 juin 2024

XAUUSD rises to 2340 on the back of yesterday's CPI and Powell's comments form a shakeup in the market and the price of the metal drops to 2308, forming a false breakdown of the key liquidity area of 2325.



Today the market is expecting PPI (MoM) and Initial Jobless Claims. Producer Price Index is expected to be lower than last period 0.1% instead of 0.4%, but it all depends on the actual data. Mind you, yesterday the market got a CPI of 3.3%, versus the expected 3.4%. But Powell did not say anything interesting in the change of views and still sticks to the hawkish side. Technically, gold is breaking local upside support and forming a consolidation below 2325. If the data is bullish for the dollar, gold could continue to fall towards 2290-2265.

Resistance levels: 2325, 2340
Support levels: 2305, 2291

Technically gold is showing weakness, but it reacts quite strongly to any small positive news. The whole emphasis on today's news, if the fundamental background remains negative, we will consider the targets below, if there are hints of a change in the background, we can consider price growth to 2340-2355.

Regards R. Linda!

13 juin 2024

Transaction en cours

The risk zone at the moment is 2306-2309. Local consolidation of the price below this zone can provoke sell-offs

13 juin 2024

Note

Gold falls after positive news
Interesting...
The market is very weak.

13 juin 2024

Note

Breakout attempt 2300 (Test 2297)

13 juin 2024

Transaction en cours

Excellent realization
Price is testing the local low of 2295
At the moment +300 pips!

14 juin 2024

Transaction en cours

A correction to 2314 is forming
Price is forming a range