Gold Analysis 14/03/2023
Gold Trading Analysis and Forecast
OVERVIEW
Gold has been trading in a range-bound channel with a support level of $1900 and a resistance level of $1916. The current market price of gold is $1904 per ounce. In this report, we will analyze the short-term trading opportunities in gold and provide an outlook for the upcoming trading session.
Short-Term Trading Opportunities
Short-term traders can trade within the consolidation range of $1900 to $1916. However, there are two scenarios that can impact the direction of gold prices in the near term.
Scenario 1: Positive CPI Data
If today's CPI data is positive, it could strengthen the US dollar, leading to a potential break below the $1900 support level. In this case, traders should wait for a confirmation of the breakout and a close below $1892 on a higher time frame. After confirmation, traders can enter sell trades in the retest zone between $1900 and $1902, with a target of $1885.
Scenario 2: Negative CPI Data
If today's CPI data is negative, it could weaken the US dollar, leading to a potential break above the $1916 resistance level. In this case, traders should wait for a confirmation of the breakout and a close above $1916 on a higher time frame. After confirmation, traders can enter buy trades in the retest zone between $1900 and $1902, with a target of $1923 to $1935.
Outlook for the Upcoming Trading Session
The market is eagerly waiting for the release of the CPI data in the US session today. The CPI data is a high-impact news event that can significantly impact gold prices. Therefore, traders should be cautious and wait for a confirmation of the breakout before entering any trades. The short-term outlook for gold prices will depend on the outcome of the CPI data.
OVERVIEW
Gold has been trading in a range-bound channel with a support level of $1900 and a resistance level of $1916. The current market price of gold is $1904 per ounce. In this report, we will analyze the short-term trading opportunities in gold and provide an outlook for the upcoming trading session.
Short-Term Trading Opportunities
Short-term traders can trade within the consolidation range of $1900 to $1916. However, there are two scenarios that can impact the direction of gold prices in the near term.
Scenario 1: Positive CPI Data
If today's CPI data is positive, it could strengthen the US dollar, leading to a potential break below the $1900 support level. In this case, traders should wait for a confirmation of the breakout and a close below $1892 on a higher time frame. After confirmation, traders can enter sell trades in the retest zone between $1900 and $1902, with a target of $1885.
Scenario 2: Negative CPI Data
If today's CPI data is negative, it could weaken the US dollar, leading to a potential break above the $1916 resistance level. In this case, traders should wait for a confirmation of the breakout and a close above $1916 on a higher time frame. After confirmation, traders can enter buy trades in the retest zone between $1900 and $1902, with a target of $1923 to $1935.
Outlook for the Upcoming Trading Session
The market is eagerly waiting for the release of the CPI data in the US session today. The CPI data is a high-impact news event that can significantly impact gold prices. Therefore, traders should be cautious and wait for a confirmation of the breakout before entering any trades. The short-term outlook for gold prices will depend on the outcome of the CPI data.
منشورات ذات صلة
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.