GOLD → The calm before the storm. News ahead...

31 oct

XAUUSD is at a strong resistance of 2790. Traders are getting nervous before the news. Risks as well as the price are rising. PCE, Initial Jobless Claims, Chicago PMI are ahead.

Traders have taken a wait-and-see stance ahead of the news. PCE along with NFP on Friday should give an insight into the Fed's interest rate outlook. Against the backdrop of a steady US labor market, a 0.25% cut is the most likely scenario. The metal is holding back any fall that could be seen as a correction due to election uncertainty. There is not much time left. As well as news from China and the escalated conflict in the Middle East.
Technically gold is in a range, the chart indicates stronger levels and liquidity zones. The most probable scenario is a retest of one of the support zones and further growth after liquidity capture. Targets in such a case could be 2789-2800.

Support levels: 2771, 2758, 2745
Resistance levels: 2789, 2800

It is not excluded that there may be a strong shakeout on the background of the news. Market behavior at the moment will depend on the actual data. The reaction may be extremely aggressive.

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XAUUSD ;)

Regards R. Linda!