CPI DATA RELEASE
Updated
(Gold against the U.S. Dollar) points to potential further declines in the short term. Based on recent data, are strongly bearish, with a general recommendation of "strong sell" across various time frames. Key indicators, including the Relative Strength Index (RSI), Stochastic RSI, and MACD, show oversold conditions, indicating strong downward momentum. This is further supported by moving averages, where most periods favor selling signals.
Gold recently faced resistance around $2,626 and experienced a drop to the $2,590 level, impacted by broader USD strength and market volatility. However, if the price closes below the current support, we may see further declines towards recent lows, with potential support levels near $2,550 or below.
It’s important to keep in mind that external factors, like inflation expectations and Federal Reserve policies, could also impact gold’s trajectory.
Disclaimer: I am not a financial advisor, and this information is not financial advice. Always conduct your own research before making any trading decisions.
Gold recently faced resistance around $2,626 and experienced a drop to the $2,590 level, impacted by broader USD strength and market volatility. However, if the price closes below the current support, we may see further declines towards recent lows, with potential support levels near $2,550 or below.
It’s important to keep in mind that external factors, like inflation expectations and Federal Reserve policies, could also impact gold’s trajectory.
Disclaimer: I am not a financial advisor, and this information is not financial advice. Always conduct your own research before making any trading decisions.
Trade active
110+pips profit booked in bankedTrade closed: target reached
300+pips running waiting for the final targetNote
target done 600+pips
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