As gold fails to break through the $4132 resistance, the market awaits Thursday's release of the PCE (Personal Consumption Expenditures) data. Until we see a price range of $4109 to $4132, we can't expect any significant movement. However, the current trend suggests that the lower floors are rising, indicating a possible upward shift.
If gold were to revisit $4109 and test it again, we might expect a return to $4132 and potentially even higher targets of $5160 and $
- However, if the price manages to break through $4109 convincingly and the candle's body in the 2-hour time frame closes below $4090, we'll have to adjust our targets to $4060 and $4034.
- Breakout above $4132: If gold breaks through $4132 convincingly, we may expect a return to $5160 and $4187.
- Breakdown below $4090: If the price closes below $4090, we'll adjust our targets to $4060 and $4034.
- Wait for PCE data: The market awaits the release of the PCE data on Thursday, which may provide the necessary catalyst to drive prices higher.
- Resistance: $4132
- Support: $4090
- Targets:
The current market sentiment suggests that the gold market is waiting for a catalyst to drive prices higher. The release of the PCE data on Thursday may provide the necessary momentum to break through the $4132 resistance. As a trader, it's essential to stay vigilant and monitor the market's reaction to the news. Whether gold revisits $4109 or breaks through $4132, the next few days will be crucial in determining the market's trajectory.
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