Analysis of Gold on the 12-hour Time Frame

After a strong upward movement, gold has reached the resistance range of 2140 - 2148 significantly. It seems like it's time for a correction now.

If gold wants to correct due to today's news, we can set our target at 2090, which is an important support level for gold.

Gold Support: 2080.5 - 2088
Gold Resistance: 2140 - 2148

And the price of 2120 determines the market boundary.

Today-tomorrow there will be quite strong news, all focus on Fed Chair Powell. Discussions on interest rates, inflation, and other factors are likely. Given the overall situation in the US, there is a chance that the dollar will receive more support, potentially impacting gold negatively.

Gold might make another move upwards based on the news and touch the resistance zone before starting a downward movement.

Recommended Positions:

Sell: 2142 - 2148
No need for a stop-loss
Short-term Target: 2121 - 2090
Long-term Target: 2060 - 2033

Buy Short-term (Scalp): 2088 - 2085
Stop-loss: 2081
Target: 2094 - 2096 - 2100