This week's CPI and PPI figures may be considered high-impact events, as further evaluation of inflation is necessary for overall market participants.
XAU/USD Hourly chart
XAU/USD 1-hour chart displays a strong bullish momentum following a clear breakout above its long-term descending trendline near 4080.00- 4100.00, with the 48-period SMA acting as reliable dynamic support. Price action is currently testing immediate horizontal resistance at 4420.00- 4430.00; a confirmed hourly breakout above this zone opens the door toward upper resistance near 4540.00- 4550.00, while a rejection would likely cause a brief pullback to retest the 48 SMA dynamic support or structural support at 4340.00- 4350.00.
Hourly ChartXAU/USD Daily charts review
XAU/USD daily chart indicates a bullish trend reversal as the current price of 4412.68 (+0.92%) has broken above both its multi-month descending trendline originating from the 5550.00 high and the 60-day Simple Moving Average at 4150.57 Following a double-bottom base established at the 4,000.00 major support level, this breakout targets immediate upward resistance levels at 4550.00, 4800.00, and 5050.00, while a pullback toward the 4150.57 retest zone acts as primary support, below which a daily close would invalidate the pattern and signal a false breakout.Daily Candle Chart
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