Gold price trapped between support and resistance Is about to end

Gold analysis

Last week trading saw gold forming a sharp rally was seen into late-week, with gold price running all the way up to a Friday peak of 1843
after the NFP report - job weakness means the Fed'll keep on printing.

in 15.4.2021 I wrote this : 

"I went to check out some probability scenarios to predict continued movement in gold

There's something that caught my eye - and that's what happened in 2012

Technically and the set up of the straps (cuts and movement) looks really similar

If indeed the continuation will be the same then expect to see in the property again the 1880 area and if this area will then break through the 1960 area

It will not be easy and it seems likely that we will see the lowlands of 1703 again

But by and large, the picture is starting to show us that there is probably an upward movement of prices here"

GOLD  ANALYSIS

This week On Wednesday,  (CPI) data will be watched closely by market participants.
 investors expect the Core CPI to rise to 2.3% on a yearly basis in April. In March, the annual Core CPI climbed to 1.6%, compared to analysts’ estimate of 1.5%, suggesting that investors look for a significant jump in inflation to start Risk pricing of return versus risk- A reading above 2.5% could lift the USD and put pressure on XAU/USD  but from the other hand Higher inflation implies lower real interest rates and stronger demand for gold as a hedge of inflation.
The combination of higher inflation with a passive central bank position sounds bullish for gold. The question is do the markets believe that the Fed will allow higher inflation? So far they have been skeptical, so expectations of rising interest rates have accumulated and bond yields have risen, whereas distrust of the Fed will strengthen, gold should strengthen.
 

Gold  news

Gold forecast
 uptrend may remain as long as gold prices can hold above the 1797 level and even below to $ 1786 low. 

Bullish Scenario: move over $1880$ will indicate the presence of buyers, this will indicate that gold moves get the potential trigger point for an acceleration into 1960$ levels

Bearish Scenario: move below $1776$ will indicate the presence of sellers, this will indicate that gold moves get the potential trigger point for an acceleration into lower levels

This review does not include any document and/or file attached to it as advice or recommendation to buy/sell securities and/or other advice