GOLD - CPI forecast and trading strategy
Updated
Today, there will be an announcement regarding the US Consumer Price Index (CPI).
Traders are currently proceeding with caution due to the expected decrease in CPI from 4.9% to 4.1%.
It is predicted that the Federal Reserve will maintain the current interest rate of 5.25% after a period of steady increases, possibly due to recent economic downturns.
Gold continues to be range-bound between $1940 and $1983, with the 34 and 89 Exponential Moving Averages (EMAs) showing decreasing distance.
However, the price is showing short-term support with an upward trend. The release of today's CPI and tomorrow's Producer Price Index (PPI) may cause Gold to break out of this range.
If the price falls below the support level of 1938, it's likely that it will continue to drop to around 1900 or even lower. On the other hand, if it breaks past the resistance level of 1980, the price of gold is expected to surge above $2,000.
Traders are currently proceeding with caution due to the expected decrease in CPI from 4.9% to 4.1%.
It is predicted that the Federal Reserve will maintain the current interest rate of 5.25% after a period of steady increases, possibly due to recent economic downturns.
Gold continues to be range-bound between $1940 and $1983, with the 34 and 89 Exponential Moving Averages (EMAs) showing decreasing distance.
However, the price is showing short-term support with an upward trend. The release of today's CPI and tomorrow's Producer Price Index (PPI) may cause Gold to break out of this range.
If the price falls below the support level of 1938, it's likely that it will continue to drop to around 1900 or even lower. On the other hand, if it breaks past the resistance level of 1980, the price of gold is expected to surge above $2,000.
Comment
Gold traded above the 1954 zone and went to 1962 as expectedComment
CPI currently, the expected data is lower than the previous period.DXY is under pressure from expected data before the release time.
Comment
1954 -> 1970$. CPI bigwinComment
Gold trades below the 1954 price zone, and approaches the 1940 price zone 💥💥Comment
Gold returns to the 1948 price zone
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