Gold - short-term short (but more upside left)
Gold is close to ATHs again and we are inside the range of what I believe to be a consolidation of a wave 4 of 3 of C. The bigger pattern could be an ending diagonal.
Today is CPI news for the USA. Very important indicator for the FED. Higher inflation could strengthen the USD and briefly send gold down.
I see a lot of overlapping structures with several of 3 wave patterns.
Ofc gold could just continue up which it should but I do wonder if it is not yet time.
A reduction of 25 BP by the FED next week could be a signal to see a new ATH (again).
Today is CPI news for the USA. Very important indicator for the FED. Higher inflation could strengthen the USD and briefly send gold down.
I see a lot of overlapping structures with several of 3 wave patterns.
Ofc gold could just continue up which it should but I do wonder if it is not yet time.
A reduction of 25 BP by the FED next week could be a signal to see a new ATH (again).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.