GOLD → A change in structure and a change in trend. CPI ahead!

13 בנוב׳

XAUUSD is turning around. The daily session closes below 2604 and the breakdown of the global structure confirms the bearish nature of the market. The fight for the key 2600 zone continues...



Trump's tough policies could slow the Fed's easing cycle, the dollar would then continue to strengthen at the expense of gold... There is another Fed rate meeting in December and obviously the question is: either 0.25% or hold.
All eyes are on the CPI, the data will determine whether the Fed will continue its rate cut trajectory after December.
A downside surprise in CPI could reinforce dovish expectations for the Fed. Conversely, a stronger inflation report could trigger a change in the regulator's stance. Any reaction to the news could be short-lived as attention immediately shifts to Thursday, PPI and Powell's...

Resistance levels: 2616, 2626, 2637
! Key level: 2604
Support levels: 2590, 2569

The fight for 2604 continues, if the bears can keep the defense below this zone, we should expect a fall. But, there is a high probability of correction on the background of news volatility and retest of resistance 2626-2637 before the further fall

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!