GOLD → Breaking through channel resistance. Growth attempt
Updated
GOLD is coming out of the channel. Bulls are trying to take the situation into their own hands and keep the defense above 2665. The metal has a chance for local return and growth to 2690 - 2720.
Growing geopolitical tension in the Middle East (Syrian government collapse) compensates local growth of the dollar, which is generally favorable for the metal.
But, risks of dollar growth remain on the background of inflation growth in the U.S., which in general can strengthen the hawkish position of the Fed policy makers on the interest rate.
At the moment all attention is focused on CPI / PPI. Profit-taking is possible due to high risks.
Gold is coming out of the local channel, but is still trapped inside the global channel. Price may test the zone of interest before important economic data.
Support levels: 2660, 2655, 2636
Resistance levels: 2673, 2688, 2721
The breakout took place and the metal is trying to go up. The target is 2688. But we should be careful, because geopolitical tensions, upcoming economic data may cause corrections and profit taking
Regards R. Linda!
Growing geopolitical tension in the Middle East (Syrian government collapse) compensates local growth of the dollar, which is generally favorable for the metal.
But, risks of dollar growth remain on the background of inflation growth in the U.S., which in general can strengthen the hawkish position of the Fed policy makers on the interest rate.
At the moment all attention is focused on CPI / PPI. Profit-taking is possible due to high risks.
Gold is coming out of the local channel, but is still trapped inside the global channel. Price may test the zone of interest before important economic data.
Support levels: 2660, 2655, 2636
Resistance levels: 2673, 2688, 2721
The breakout took place and the metal is trying to go up. The target is 2688. But we should be careful, because geopolitical tensions, upcoming economic data may cause corrections and profit taking
Regards R. Linda!
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