Gold may rise due to a lower CPI, targeting 2,540.
Tonight, the CPI indicator will be released, and it is expected to be lower than the previous period, which could push gold prices higher. Traders should stay attentive to the news.
Currently, the XAUUSD chart shows the price moving within an upward channel, with parallel trend lines framing the current price action.
The short-term EMA 34 is supporting the bullish trend, as the current price is above both EMAs, confirming the short-term upward trend.
The current support level around 2,499 (EMA 89) has shown strong support for XAUUSD, with the price rebounding several times from this level.
The nearest key resistance is at 2,540, and if the price breaks this level, it could lead to a more pronounced bullish trend.
Currently, the XAUUSD chart shows the price moving within an upward channel, with parallel trend lines framing the current price action.
The short-term EMA 34 is supporting the bullish trend, as the current price is above both EMAs, confirming the short-term upward trend.
The current support level around 2,499 (EMA 89) has shown strong support for XAUUSD, with the price rebounding several times from this level.
The nearest key resistance is at 2,540, and if the price breaks this level, it could lead to a more pronounced bullish trend.
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