FX.co ★ Cookiess | XAU/USD, GOLD

Gold Market Analysis: The current discussion revolves around an analysis of gold price trends. Gold prices have been steadily rising and are approaching last week's peak. This rise could weaken the US dollar and increase investor demand for safe-haven assets. The precious metals market is performing well due to uncertainty in US and European economic data. Today, there is widespread expectation and speculation surrounding the release of key US economic statistics, particularly April's inflation rate. This data could have a significant impact on financial markets and lead to increased volatility. A downward correction is expected, but the underlying scenario indicates an upward trend, with a key turning point at 4695.24. I am considering buying above this level, with target prices of 4755.24 and 4785.24. Conversely, if the price falls below 4695.24, it could reach levels of 4665.24 and 4655.24 per ounce. The gold/USD pair's test of the 4725.24 level has been remarkably accurate.

While connections on Wall Street can offer valuable trading advantages, such as access to information and opportunities, it's crucial to emphasize that independent analysis is essential for making informed investment decisions. Relying solely on connections without independent analysis can lead to overlooking important factors and risks that could impact investment outcomes. Recently, I suggested verifying bullish momentum when the price broke above the local resistance level of 4711.593. This did indeed happen, targeting a swing high of 4728.908. However, executing the trade was the priority. A break above the intraday high of 4728 would suggest a correction in wave identification and could trigger a short position targeting around 4627, potentially offering a good risk-return ratio.