GOLD - Sensitive movement & CPI ahead

Dec 10

Gold prices gained on Tuesday, helped by escalating geopolitical tensions in the Middle East and expectations of a U.S. rate cut this month, with key U.S. inflation data later this week grabbing investors' attention.

Generally, the direction is uptrend

Summary: I expect the price to rise towards the resistance level of 2701, after which it is likely to decline, breaking below 2664 and potentially reaching 2640.


Uptrend Side: The price has surpassed the resistance level of 2664, which is expected to support further price increases, potentially reaching the next resistance at 2071 and beyond that, 2732.

Downtrend Side: A break below 2664, particularly below 2640, is required to confirm the bearish trend, with a potential decline towards 2605.

Tendency Keys: 2664

Dec 11

Trade active

Based on my analysis, the price reached the resistance level of 2690 before declining. We will maintain our current scenario for today, anticipating a further price decline toward 2664 and 2640, and potentially lower levels. Traders and markets are eagerly awaiting the release of the CPI data, which is expected to trigger significant and sensitive market movements. It is essential to remain cautious and plan your strategies carefully.

Be advised that a breakout above 2690 will invalidate the current scenario and signal the beginning of a bullish phase.

Bearish target: 2701, 2732
Bullish target: 2664, 2640

7 days ago

Note

From 2701, it will drop to 2685 and 2664

above 2701 will be an active bullish trend