💡 XAUUSD: Strong increase thanks to CPI
Updated
The significant surge in prices occurred following the release of last night's CPI news, establishing a fresh high for gold in the first half of the year and sustaining its upward trajectory. At present, the price is approaching a resistance level, presenting an opportunity to either wait for a pullback to initiate a purchase or observe for a potential breakthrough of the peak, followed by a robust upward movement and subsequent retesting. It's important to be mindful that surpassing the upper boundary could result in an overbought scenario, increasing the likelihood of a price retracement with potential challenges in sustaining the upward momentum.
Note
XAUUSD SELL 1970 - 1972 Take Profit : 1965
Stop Loss: 1975
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World gold markets benefited as the dollar and Treasury yields fell after weaker-than-expected US consumer inflation data raised the possibility that the US Federal Reserve (Fed) had completed the interest rate increase.Note
Running +20pips ✔️✔️Note
We may see Gold skyrocket after the US CPI data is released. The price is currently above the 1960 mark and is running above the 48-hour moving average. However, gold is still under strong selling pressure, attention should be paid to the pressure zone near 1980.Note
The news tonight is all good for USD. Gold is falling sharplyNote
HIT TP SELLNote
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