The price of gold has recently surged, reaching our previously projected target of 2420, before subsequently dropping to the support line at 2397.
Current Outlook: The price of gold is expected to be influenced significantly by the upcoming Producer Price Index (PPI) results. From a technical perspective, the bullish trend remains intact as long as the price trades above 2397, as indicated by the 4-hour volume analysis, with the potential to reach 2387.
Bullish Scenario: Should the price remain above 2397, there is potential for an upside movement towards 2420 again. A PPI release of less than 2.3% would confirm this uptrend.
Bearish Scenario: If the PPI results exceed expectations, particularly above 2.3%, the price may decline, targeting the 2378 level.
Today's Expected Range: The price is anticipated to fluctuate between the support at 2378 and the resistance at 2420, with a bullish inclination.
Impact of Product Price Index (YoY) (June): With an expected result of 2.3%, the Producer Price Index is likely to exert bearish pressure on gold prices.
previous idea:
노트
The price reversed and will run the bearish trend because the PPI released 2.6% which means the effect will be negative on the GOLD
Depending on the PPI result the direction of GOLD will be Downtrend to get 2387 and 2378.
Bearish Confirmation:🔽 closing 4h candle under 2397 means will drop to get 2387 and 2378 PIVOT LINE 2397