richardli77

Gold short, could CPI be the catalyst?

بيع
OANDA:XAUUSD   الذهب / دولار أمريكي
Market has been consolidating this week so far - investors awaiting US CPI data later today. Technically Gold seems to be completing the 5th wave of the ABC correction seen on the 4hr chart along with testing the 88.6% Fibonacci level yesterday.

We have now liquidated today's Asia session high and now rolling over. I am currently running a short position based on the liquidation of the asia high and lack of momentum to the upside. With today's news on the main stage - this could be the catalyst the bears have been waiting for to take gold to the downside and continue the downtrend seen from the start of this year. I would be initially targeting the lows printed at the start of the month and the 1750 handle. Any correction there and further downside would be expected - otherwise with current global tensions a sharp rebound could be expected.

See chart on higher timeframes for further confluences, good luck to all who are trading today!

Update from my previous post - gold has dropped as expected and much more!
إخلاء المسؤولية

لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.