Gold Technical Outlook: CPI Data to Define Trend Direction
Gold Technical Analysis
The price has reached the resistance level at 2689 and is attempting to test 2678 ahead of or during the release of CPI data. Based on current expectations, gold is likely to remain in a bearish trend.
If the CPI exceeds 2.9%, the bearish momentum is expected to intensify, with the price targeting 2665.
Conversely, if the CPI comes in below 2.8%, bullish momentum could quickly drive the price up to 2706.
Key Levels
Pivot Point: 2689
Resistance Levels: 2706, 2720, 2727
Support Levels: 2665, 2653, 2636
Trend Outlook
Bullish Trend: Above 2706
Bearish Trend: Below 2689
previous idea:
The price has reached the resistance level at 2689 and is attempting to test 2678 ahead of or during the release of CPI data. Based on current expectations, gold is likely to remain in a bearish trend.
If the CPI exceeds 2.9%, the bearish momentum is expected to intensify, with the price targeting 2665.
Conversely, if the CPI comes in below 2.8%, bullish momentum could quickly drive the price up to 2706.
Key Levels
Pivot Point: 2689
Resistance Levels: 2706, 2720, 2727
Support Levels: 2665, 2653, 2636
Trend Outlook
Bullish Trend: Above 2706
Bearish Trend: Below 2689
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