Gold Prices May Rise Due to Lower CPI, Support Near 2,500 USDT
Updated
Tonight, the CPI data will be released and is expected to be lower than the previous reading, which could lead to a significant rise in gold prices.
The chart shows gold in a short-term uptrend, with prices breaking above the 20 SMA and other moving averages, reinforcing short-term buy signals.
Bollinger Bands are expanding, indicating increased market volatility, and the price is moving within the upper band, showing strong buying pressure.
The RSI at 63.57 signals a rising market, but it's approaching the overbought zone. If the RSI exceeds 70, it may suggest a short-term correction.
Given the current trend, the recommended strategy is to buy when the price pulls back to the key support level around 2,500 USDT. The potential target for the next price increase is 2,545 USDT.
The chart shows gold in a short-term uptrend, with prices breaking above the 20 SMA and other moving averages, reinforcing short-term buy signals.
Bollinger Bands are expanding, indicating increased market volatility, and the price is moving within the upper band, showing strong buying pressure.
The RSI at 63.57 signals a rising market, but it's approaching the overbought zone. If the RSI exceeds 70, it may suggest a short-term correction.
Given the current trend, the recommended strategy is to buy when the price pulls back to the key support level around 2,500 USDT. The potential target for the next price increase is 2,545 USDT.
Trade active
On the afternoon of September 11, 2024, the XAUUSD price is fluctuating near a record high of $2,532, as the market awaits US inflation data. Currently, gold is trading within a sideways range, with resistance at $2,532 and support at $2,470. The long-term trend for XAUUSD remains bullish, although the price is temporarily consolidating within this range.Trade active
Today, XAUUSD is trading around $2,514, down 0.19%. The price ranges between $2,50 and $2,529, consolidating near the $2,529 resistance. Analysts are closely watching U.S. inflation data; if inflation decreases, gold prices may break above $2,532. Conversely, if inflation rises, the USD could strengthen, pressuring gold prices downward.Trade active
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