MGC1! Potential manipulation upto 3370 if we can break past 3360, I'm thinking we get there by London NY overlap. I close all my trades an hour before news, forecasts can always be wrong. CPI trades are especially risky even with a tight stop. Will be trading first rally/pullback after initial news impulse if I get a good entry with a tight stop.
MGC1! Still a few hours between now and the CPI report. Took a quick short from 3385 today after the double top, didn't ride it all the way though. Likely won't be trading again until the CPI, unless an obvious manipulation in the long direction takes place during Asia.
We got both scenarios still active on gold, and I am bringing an update on both of them. It is a longer video, but hopefully the information can help you out on your trades.
- I want price to stay above 3363 for a bullish continuation.
- A strong rejection or loss of 3342.8 could initiate a bearish move that will validate our bearish scenario.
MGC1! Likely going to be choppy on Monday given the upcoming CPI report on Tuesday. Current forecast expects inflation to rise, meaning delayed rate cuts. Play safe until the report comes out Tuesday, but my money is on a bearish bias for the rest of the week if CPI meets or exceeds expectations. We might have an impulsive break past 3390 this Monday before we head down given recent tariff threats.
I won't be chasing any breakouts or breakdowns until Tuesday, trade small and save your capital. Wait for confirmation from the big report this Tuesday.