According to data released by the U.S. Bureau of Labor Statistics on Wednesday, after a sharp rise of 0.5% in January, the CPI rose only 0.2% month-on-month in February, lower than the expected 0.3%, the lowest since October last year, and the year-on-year growth slowed to 2.8%, the lowest since November last year, lower than the previous value of 3% and the market expectation of 2.9%.
After the data was released, gold once stretched to around $2,920, and then fell again to a low near 2,905-06.
After touching 2,905, it returned to support, and then rebounded. As of now, the highest point is near the 2,940 mark.
At present, the upper 2,940 is near the 618 suppression point. If it cannot effectively stand at 2,940, there must be rectification.
Secondly, 2,920 was the high point of gold in the early stage. After breaking through, 2,920 has become a support position.
And from the trend of 2880-current 2940, the Fibonacci 618 position is also at 2920.
If it climbs to 2940, there is a high probability that there will be a wave of retracement to support 2920. So you can go short boldly in the area near 2940.
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Strive for weekly trading profit: $40000, are you interested in joining this goal? Free signals in Telegram:
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t.me/+alDpuIRD9vU4MWQx
Related publications
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.