This week, we have once again witnessed a historic rise in gold prices. After gold reached a high of $2907 on Monday, it briefly surged to a new record high of $2942 during the Asian session on Tuesday. However, it quickly retraced during the European and U.S. sessions, hitting a low of $2880.
This surprise surge in gold caught many off guard, myself included—I didn't expect gold to continue rising so aggressively.
However, the consequence of such rapid gains is that a correction is inevitable. A pullback from the $2942 high to $2880 represents a roughly $60 move, which has almost completely negated the recent rise.
Gold prices pulled back from the highs yesterday, touching $2880. The retracement yesterday and this morning has approached this level once again but has not broken it, confirming the strength of this support. If today's CPI data results in negative news, there is a high probability the support will break, and further declines could be seen towards $2860 and $2830.
In conclusion, today’s CPI data is an uncertain factor, and we need to be especially cautious. As long as the price does not hold above $2910 after the data is released, I will consider shorting gold. Even if it doesn't break $2880, there is still a $20 profit potential, which offers a favorable risk-to-reward ratio.
Sell: 2910
TP1: 2880
TP2: 2860
TP3: 2830
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This surprise surge in gold caught many off guard, myself included—I didn't expect gold to continue rising so aggressively.
However, the consequence of such rapid gains is that a correction is inevitable. A pullback from the $2942 high to $2880 represents a roughly $60 move, which has almost completely negated the recent rise.
Gold prices pulled back from the highs yesterday, touching $2880. The retracement yesterday and this morning has approached this level once again but has not broken it, confirming the strength of this support. If today's CPI data results in negative news, there is a high probability the support will break, and further declines could be seen towards $2860 and $2830.
In conclusion, today’s CPI data is an uncertain factor, and we need to be especially cautious. As long as the price does not hold above $2910 after the data is released, I will consider shorting gold. Even if it doesn't break $2880, there is still a $20 profit potential, which offers a favorable risk-to-reward ratio.
Sell: 2910
TP1: 2880
TP2: 2860
TP3: 2830
Ladies and gentlemen, if you're following my trades and would like more detailed insights and trading signals, you can join my trading channel below the article. You'll get immediate access to my thoughts every day.
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Just as I predicted today, after the negative CPI data, gold fell below the support of 2880. Since it fell below the support of 2880, it indicates that the gold price has further room to fall. We stay tuned.Note
All CPI data are bearish for gold, but the market's bullish sentiment is still very strong. We stick to our point of view. If 2910 cannot be broken, it will be an opportunity to short gold.
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📣More detailed real-time trading strategies will be released in the channel, welcome to join and get them
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.