XAUUSD- stabilized bullish trend above 1975 USD
Hello everyone, let's discuss and develop our strategy for today!
In general, the XAU/USD is currently trading sideways around the 2180 USD level in the early hours of Tuesday. The market remains calm, awaiting the release of the US CPI data for February. The basic CPI data is expected to cool down, which will put pressure on the US Dollar and boost the price of Gold as traders speculate on the Federal Reserve's accommodative monetary policy.
As I mentioned earlier, as long as the XAU/USD maintains its strong support level around the previous breakout level of 1975 USD, there is still room for price increases. Therefore, the price consolidation pattern has been completed, and it is now trading within a narrow range within the uptrend channel. It is expected that the price will seek an opportunity to break out of the consolidation pattern after touching the uptrend channel and the 34.89 EMA.
In general, the XAU/USD is currently trading sideways around the 2180 USD level in the early hours of Tuesday. The market remains calm, awaiting the release of the US CPI data for February. The basic CPI data is expected to cool down, which will put pressure on the US Dollar and boost the price of Gold as traders speculate on the Federal Reserve's accommodative monetary policy.
As I mentioned earlier, as long as the XAU/USD maintains its strong support level around the previous breakout level of 1975 USD, there is still room for price increases. Therefore, the price consolidation pattern has been completed, and it is now trading within a narrow range within the uptrend channel. It is expected that the price will seek an opportunity to break out of the consolidation pattern after touching the uptrend channel and the 34.89 EMA.
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