GOLD: Contiuous Rising With CPI Cooling Down?
Hello everyone! Today i want to share some macro analysis with you!
1.
$Gold - main 2412(GCmain)$ Technical: Gold prices showed a clear uptrend yesterday and have now broken above the $2,520 area. Gold needs to gain positive momentum to help push the price further up in the coming trading sessions. A test of the first bullish target of $2,540 is awaited and if this level is breached, this will push the gold price to test $2,600 in the near term.
Therefore, we will continue to forecast a bullish trend for gold prices in the coming period. It should be noted that if the gold price falls below $2,500, this will put bearish pressure on the gold price and test the key support at $2,483.40 before attempting to rebound again.
It is expected that the gold price will trade between support at $2500.00 and resistance at $2540.00 today.
The expected trend for gold prices today is bullish. Trading is recommended to continue buying!
Strategy: BUY: 2515-2518 TP:2535-38 SL:2505 (probability of reaching new all-time highs today)
2.
Here's a chance for US CPI to ride and gold prices to hit new all-time highs!
Wednesday (11 September) in the Asian market, gold maintained a firm trend, the current gold price trading in the vicinity of 2519 U.S. dollars.
Gold prices are consolidating gains above $2,500, with a neutral short-term technical stance. The focus is on Wednesday's U.S. CPI data.
Gold closed up $10.29, or 0.41 per cent, at $2,516.38 on Tuesday. The buy signal I gave was also sharply profitable!
On Wednesday, gold traders will be closely watching the U.S. Consumer Price Index (CPI) report for August. U.S. year-on-year CPI growth is expected to fall from 2.9% to 2.6% in August, while core CPI growth is expected to remain at 3.2% year-on-year.
If the inflation data is much lower than expected and raises hopes of a 50 basis point rate cut, then gold prices could touch new all-time highs.’
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https://x.com/TradersXauusd/status/1833736373775597816
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