From TradingView · · 40s
Gold Support Level at $3850
Gold's key support level today is $3850 as PPI data may test bearish trend.
In brief
Gold's key support level today is $3850 as PPI data may test bearish trend. Gold faces support at $3850 today if PPI data shows 0.4% overall growth. Originally reported by TradingView.
Gold's Key Support Level
Gold's key support level today is around $3850 for OANDA:XAUUSD.
Market Pressures on Gold
Market expects interest rate hikes to shift from whether to the magnitude of the hike.
PPI Data Impact
PPI data shows core growth at 0.3% and overall growth at 0.4%.
Resistance and Support Levels
3920-3925 is first resistance; 3850-3852 is key support level tonight.
Trading Strategy
Sell at $3900-$3910 with stop loss at $3925-$3930 and profit target at $3820.
What matters most
Gold faces support at $3850 today if PPI data shows 0.4% overall growth.
