XAUUSD: A storm is coming
Updated
Cautious market sentiment is starting to emerge ahead of tomorrow's key U.S. inflation report
The U.S. CPI report has attracted much attention. The bright non-farm payrolls report released last Friday showed that the U.S. created 253,000 jobs in April. After that, a lot of attention will turn to Wednesday's upcoming inflation data for fresh clues on the Fed's policy path.
It’s worth noting that while the Fed signaled a pause in further rate hikes, it also left the door open for further monetary tightening if future data justifies it.
Traders are now pricing in a 49 percent chance of a quarter-point rate cut at the Fed's September meeting, according to fed funds futures.
The highest price of gold today is 2032. Here we can see from the 4-hour graph:
The current high level of gold is the appearance of sequence 9. We can see that the sequence 9 signal also appeared at the top of 2080.
Then fell from 2050 to around 2000 mark.
At present, it is the same rhythm, and the sequence 9 signal appears again, so I believe that gold may have a callback trend at present.
The current support below is here in 2010, and 2010 is currently the support position of the 4-hour moving average below.
And look at the hourly chart:
Around 2030 is also the 382 position of the trend from 2080-2000.
At present, there is no entity to stand firm in 2030, so at present we can rely on 2030 to enter the market and short.
The defensive stop loss is above 2040, and the target below is 2020, followed by 2000-1975.
The U.S. CPI report has attracted much attention. The bright non-farm payrolls report released last Friday showed that the U.S. created 253,000 jobs in April. After that, a lot of attention will turn to Wednesday's upcoming inflation data for fresh clues on the Fed's policy path.
It’s worth noting that while the Fed signaled a pause in further rate hikes, it also left the door open for further monetary tightening if future data justifies it.
Traders are now pricing in a 49 percent chance of a quarter-point rate cut at the Fed's September meeting, according to fed funds futures.
The highest price of gold today is 2032. Here we can see from the 4-hour graph:
The current high level of gold is the appearance of sequence 9. We can see that the sequence 9 signal also appeared at the top of 2080.
Then fell from 2050 to around 2000 mark.
At present, it is the same rhythm, and the sequence 9 signal appears again, so I believe that gold may have a callback trend at present.
The current support below is here in 2010, and 2010 is currently the support position of the 4-hour moving average below.
And look at the hourly chart:
Around 2030 is also the 382 position of the trend from 2080-2000.
At present, there is no entity to stand firm in 2030, so at present we can rely on 2030 to enter the market and short.
The defensive stop loss is above 2040, and the target below is 2020, followed by 2000-1975.
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Although today's CPI data was unexpected, we also made a lot of money at Sell@2047. And this also highlights the benefits of VIP members, who can get timely access to strategies
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Note
Gold prices continue to fall
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