Gold Consolidates as Market Awaits Breakout Amid Inflation Data

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Gold Technical Analysis - 12 Sep. 2024


Gold is currently consolidating between the 2516 and 2526 levels, awaiting a decisive break.

• To establish a bullish trend, gold must stabilize above 2526, potentially advancing towards 2543 and 2557.
  
• On the contrary, a stable move below 2516 would favor a bearish shift, with the price likely declining to 2500 and possibly extending down to 2475.
  
  Key Levels:
  - Pivot Point: 2516
  - Resistance: 2526, 2543, 2557
  - Support: 2500, 2484, 2475
  
  Trend:
  - Consolidation: 2516 - 2526
  - Bullish: Above 2526
  - Bearish: Below 2516
  
  Gold's next movement hinges on its ability to break out of this consolidation range.