Gold Analysis and Upcoming US Inflation News
The gold chart has been moving within a range for the past 25 days, with traders seemingly undecided on its future direction 📊.
The resistance level is at $2,530, while the support level is around $2,470.
With the upcoming **Federal Reserve** meeting and the **US CPI inflation** report set to be released tomorrow, Wednesday, September 11th, the gold market might experience a significant move after this period of consolidation.
If inflation decreases, it will likely weaken the **US Dollar** and benefit **gold** 📈. On the other hand, if inflation increases, the **US Dollar** may strengthen, which could negatively affect **gold** prices 📉.
In the case of an upward breakout from the current range, given the weak upward momentum seen on the daily chart, it’s recommended to set a target of **half the range height** for the next move 📏. Similarly, if the price breaks downwards, considering this move would be against the long-term trend, a target equal to **half the range height** would also be a reasonable approach.
💬 What are your thoughts on the next move for gold?
- Trend Analysis
- Support and Resistance
- Fundamental Analysis
📈💡 #GoldAnalysis #USD #Inflation #Tradecitypro #TCP
The resistance level is at $2,530, while the support level is around $2,470.
With the upcoming **Federal Reserve** meeting and the **US CPI inflation** report set to be released tomorrow, Wednesday, September 11th, the gold market might experience a significant move after this period of consolidation.
If inflation decreases, it will likely weaken the **US Dollar** and benefit **gold** 📈. On the other hand, if inflation increases, the **US Dollar** may strengthen, which could negatively affect **gold** prices 📉.
In the case of an upward breakout from the current range, given the weak upward momentum seen on the daily chart, it’s recommended to set a target of **half the range height** for the next move 📏. Similarly, if the price breaks downwards, considering this move would be against the long-term trend, a target equal to **half the range height** would also be a reasonable approach.
💬 What are your thoughts on the next move for gold?
- Trend Analysis
- Support and Resistance
- Fundamental Analysis
📈💡 #GoldAnalysis #USD #Inflation #Tradecitypro #TCP
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