Hello Traders! 👋

What are your thoughts on Gold?

Over the past several weeks, gold had been trading within a range and successfully held the key support area around 4,000. The price eventually broke out of this range and, following a strong bullish move last week, reached the 4,400 resistance area.

At the current levels, a corrective move toward the support zone is expected. From that area, we expect renewed buying interest to emerge and gold to begin its next bullish leg.
The upcoming U.S. CPI data this week could act as an important catalyst for gold and may accelerate the next directional move.

As long as price remains above the highlighted support zone, the bullish outlook remains valid. A break below the support zone, confirmed by a daily candle close below it, would invalidate the bullish scenario.

If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️