XAUUSD next chance to move ?

**The next significant opportunity for XAU/USD to move** is likely to be during the release of the US Consumer Price Index (CPI) on Wednesday, May 15, 2024. This event is expected to provide further insights into the inflationary pressures in the US, which have been a key driver of gold prices recently. 1. **Inflation Expectations**: The market is anticipating a US CPI report that could influence the Federal Reserve's monetary policy decisions. Any deviation from expected inflation figures could prompt market reactions, including movements in gold prices. 2. **Technical Indicators**: The XAU/USD is currently trading with a mild positive bias, and technical indicators suggest a near-term neutral to bullish outlook. The pair holds above the 23.6% Fibonacci retracement of the April/May rally at $2,326.50, which is seen as a relevant support level. 3. **Market Sentiment**: The FXStreet Forecast Poll indicates that XAU/USD could target a new all-time high once $2,400 is confirmed as support. This suggests that if the market sentiment remains positive and the $2,400 support holds, there is potential for a bullish move towards $2,431.40. 4. **Central Bank Policies**: Central banks have maintained the possibility of rate cuts, which could support gold as a safe-haven asset. Additionally, the tepid US employment-related figures have put pressure on the US Dollar, further favoring gold. **In conclusion, the release of the US CPI data on May 15, 2024, presents a crucial opportunity for XAU/USD to either consolidate or potentially break through key resistance levels.**