Will Gold Break $2,723 Amid Trump’s Inauguration? 20-24/01
🌍 Market Overview
The upcoming week promises significant volatility with major events, especially on January 20, 2025**, as Donald Trump officially assumes the presidency. His new trade and economic policies could shake global financial markets, directly impacting USD and gold prices.
📊Key Economic Data from the US:
1. 🗓️ PMI Data (Jan 24, 2025): The manufacturing and services reports will provide insights into the US economic health.
2. 📉 Initial Jobless Claims (Jan 23, 2025): Weak data could pressure the USD and support gold.
3. 💵 US Dollar Weakness (DXY): The Dollar Index is hovering near a critical support zone, potentially driving gold higher.
💡Insight:
With gold's strong rally in recent weeks, the price has surpassed $2,700. If support levels hold, XAUUSD could test the resistance at $2,723 and potentially reach $2,750.
📈 Technical Analysis
On the 4-hour chart, XAUUSD is trading within a rising channel, with key support and resistance levels identified:
🟢 Key Support:
$2,696 - $2,679: This strong support zone helps maintain the bullish structure.
$2,660 - $2,650: A deeper correction could test this zone.
🔴Key Resistance:
$2,723 - $2,725: A critical resistance zone. A breakout here could lead to a rally toward $2,750.
$2,786: A higher target if bullish momentum strengthens.
💡 Trading Strategy
🟩BUY ZONE: 2681 - 2679
SL: 2675
TP: 2685 - 2688 - 2692 - 2696 - 2700
🟥SELL ZONE: 2722 - 2724
SL: 2728
TP: 2718 - 2715 - 2710 - 2706
🤔 What’s Your Take?
Will the inauguration of President Donald Trump on January 20 provide the momentum needed for gold to break $2,723?
👉 Comment below and follow me for more in-depth insights from CMF – Core Market Flow!**
The upcoming week promises significant volatility with major events, especially on January 20, 2025**, as Donald Trump officially assumes the presidency. His new trade and economic policies could shake global financial markets, directly impacting USD and gold prices.
📊Key Economic Data from the US:
1. 🗓️ PMI Data (Jan 24, 2025): The manufacturing and services reports will provide insights into the US economic health.
2. 📉 Initial Jobless Claims (Jan 23, 2025): Weak data could pressure the USD and support gold.
3. 💵 US Dollar Weakness (DXY): The Dollar Index is hovering near a critical support zone, potentially driving gold higher.
💡Insight:
With gold's strong rally in recent weeks, the price has surpassed $2,700. If support levels hold, XAUUSD could test the resistance at $2,723 and potentially reach $2,750.
📈 Technical Analysis
On the 4-hour chart, XAUUSD is trading within a rising channel, with key support and resistance levels identified:
🟢 Key Support:
$2,696 - $2,679: This strong support zone helps maintain the bullish structure.
$2,660 - $2,650: A deeper correction could test this zone.
🔴Key Resistance:
$2,723 - $2,725: A critical resistance zone. A breakout here could lead to a rally toward $2,750.
$2,786: A higher target if bullish momentum strengthens.
💡 Trading Strategy
🟩BUY ZONE: 2681 - 2679
SL: 2675
TP: 2685 - 2688 - 2692 - 2696 - 2700
🟥SELL ZONE: 2722 - 2724
SL: 2728
TP: 2718 - 2715 - 2710 - 2706
🤔 What’s Your Take?
Will the inauguration of President Donald Trump on January 20 provide the momentum needed for gold to break $2,723?
👉 Comment below and follow me for more in-depth insights from CMF – Core Market Flow!**
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