Gold Trading Plan – 17 July | PPI in Focus – Will Gold Hold or Fold?
📰 Market Insight:
All eyes are on the release of today’s US Producer Price Index (PPI) data.
Economists are forecasting a possible rise in inflation during July and August, driven by the impact of the new tariffs from the Trump administration starting on 1st August.
This raises the possibility that the Federal Reserve may hold off on cutting interest rates this month. As a result, gold could experience heightened volatility both before and after the data release.
📉 Technical View – BC Correction Wave Still in Play:
Gold continues to move within a BC corrective wave, and there’s no clear sign that this leg is complete yet.
In Elliott Wave theory, wave C should typically comprise five downward sub-waves — but only three have formed so far, suggesting another push lower could still unfold.
🎯 Key Trading Zones for Today:
🔻 Sell Zone (Resistance):
3346 – 3348 (previous support turned resistance)
⏱️ Timing Zone (Reversal Watch):
3311 – 3309 (aligns with Fibonacci 1.618 extension — potential reversal point)
⚠️ Sweep Zone:
3301 (price could dip here for liquidity grab)
✅ Strong Buy Limit Setup:
Buy Limit: 3293 – 3295
Stop Loss: 3287
Take Profit: Minimum 4R – 5R
Risk: 3% – 5% of capital
📌 Strategy Summary:
Stick to a disciplined “sell the rally” and “buy the dip” approach
Monitor the PPI release closely — it could trigger directional momentum
Prioritise risk control and precision over reaction
📢 Daily price action insights and live trade ideas — follow for consistent setups.
#GoldTrading #UKTraders #XAUUSD #TechnicalAnalysis #PPIdata #TradingStrategy #Macroeconomics #MarketOutlook #PriceAction #TradingViewUK
📰 Market Insight:
All eyes are on the release of today’s US Producer Price Index (PPI) data.
Economists are forecasting a possible rise in inflation during July and August, driven by the impact of the new tariffs from the Trump administration starting on 1st August.
This raises the possibility that the Federal Reserve may hold off on cutting interest rates this month. As a result, gold could experience heightened volatility both before and after the data release.
📉 Technical View – BC Correction Wave Still in Play:
Gold continues to move within a BC corrective wave, and there’s no clear sign that this leg is complete yet.
In Elliott Wave theory, wave C should typically comprise five downward sub-waves — but only three have formed so far, suggesting another push lower could still unfold.
🎯 Key Trading Zones for Today:
🔻 Sell Zone (Resistance):
3346 – 3348 (previous support turned resistance)
⏱️ Timing Zone (Reversal Watch):
3311 – 3309 (aligns with Fibonacci 1.618 extension — potential reversal point)
⚠️ Sweep Zone:
3301 (price could dip here for liquidity grab)
✅ Strong Buy Limit Setup:
Buy Limit: 3293 – 3295
Stop Loss: 3287
Take Profit: Minimum 4R – 5R
Risk: 3% – 5% of capital
📌 Strategy Summary:
Stick to a disciplined “sell the rally” and “buy the dip” approach
Monitor the PPI release closely — it could trigger directional momentum
Prioritise risk control and precision over reaction
📢 Daily price action insights and live trade ideas — follow for consistent setups.
#GoldTrading #UKTraders #XAUUSD #TechnicalAnalysis #PPIdata #TradingStrategy #Macroeconomics #MarketOutlook #PriceAction #TradingViewUK
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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.
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.