The significant surge in prices occurred following the release of last night's CPI news, establishing a fresh high for gold in the first half of the year and sustaining its upward trajectory. At present, the price is approaching a resistance level, presenting an opportunity to either wait for a pullback to initiate a purchase or observe for a potential breakthrough of the peak, followed by a robust upward movement and subsequent retesting. It's important to be mindful that surpassing the upper boundary could result in an overbought scenario, increasing the likelihood of a price retracement with potential challenges in sustaining the upward momentum.
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World gold markets benefited as the dollar and Treasury yields fell after weaker-than-expected US consumer inflation data raised the possibility that the US Federal Reserve (Fed) had completed the interest rate increase.
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Running +20pips ✔️✔️
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We may see Gold skyrocket after the US CPI data is released. The price is currently above the 1960 mark and is running above the 48-hour moving average. However, gold is still under strong selling pressure, attention should be paid to the pressure zone near 1980.
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The news tonight is all good for USD. Gold is falling sharply
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HIT TP SELL
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Take Profit : 1965
Stop Loss: 1975