Gold knocking at its all time high level ahead of US PPI release.

Gold prices settled well above $2930 after US inflation data eased to 2.8% on Wednesday reaffirming bets for a shift in Fed's monetary policy. However Trump's aggressive tariff measures are highly likely to increase the price of most goods in the U.S. in the upcoming months. Unfazed by rising ten year bond yields, Gold prices shot up to $2948 amidst trade war fears. The surge in prices was also driven by large purchases by major central banks. The People's Bank of China and the National Bank of Poland bought another 10 and 29 tonnes of gold last month respectively. Investors are bracing themselves for US PPI data due for later which could impact the prices of yellow metal.
XAU/USD TECHNICAL OVERVIEW
Gold gave an upside breakout to extend its rally beyond $2930. On daily chart, strong bullish candles for three sessions in a row fuel hopes for potential upside with traders eyeing the next resistance at $2950. If Gold clears that level, it's poised for another record breaking rally. On the contrary, if Gold price falls below $2910 level, it can drop to $2900 and $2880.
Technical Structure: Bullish Candle on Daily, Above 20 SMA on Daily, Bullish Flag pattern on 4H, Consolidation on 4H.
Primary Trend: Uptrend
Intraday Trend/ Intraday Strategy: Bullish to Neutral/ Buy on Breakout, Strong Above 2954
Major Support: 2936, 2926, 2915
Major Resistance: 2950, 2956, 2960
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