After the surge, the bullish momentum weakened. The price fell back to around $3,100 during the European session, testing the lower support of the channel. Although the CPI data is bullish, if the inflation rises and strengthens the Fed's expectation of delaying interest rate cuts, it may suppress the upside of gold prices. Technically, if it falls below the 3100 support, it may fall back to the 3080-3078 range; on the contrary, if it stabilizes, it is expected to rebound to the 3150-3154 resistance line.
Gold operation suggestion: short gold at 3145-3155. Target 3115
Gold operation suggestion: short gold at 3145-3155. Target 3115
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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.