This phenomenon reinforces the dollar, which has recently tested resistance at 108, with a potential outbreak aimed at 110. Recent rate problems have added volatility to the US dollar.
On the other hand, Gold is recovering in the direction of support levels, but the overall trend remains Bullish. Rising inflation expectations and gold purchases from the foreign central bank will probably support the question. The physical gold market remains tight and strengthens the long -term upward trend of the metal. This week’s release of CPI and PPI data will give further direction on American inflation and impact of the interest decisions.
Golden (XAU) Technical analysis
Gold Daily Chart – Bullish Momentum
The daily graph for gold shows that the price acts within a rising widening wig pattern and continues to move higher. The price correction of the record level on Friday suggests further consolidation before the upward movement is continued.
The $ 2,795 outbreak indicates that gold will probably continue to the price zone of $ 3,000. However, the RSI has reached its highest level since 26 September 2024, which indicates a possible price correction for the next movement. Strong support remains the $ 2,795 zone. This price correction of record levels can be a good strategy Perform a trade in gold.