GOLD: Maintain a Bullish Bias Within a Range
Hello everyone! Today i want to share some macro analysis with you!
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$Gold - main 2606(GCmain)$Technical Analysis: Gold continues to consolidate within the 4700-4800 range, a market condition that is causing headaches for many investors. Gold prices are expected to continue consolidating in the short term. 4700 remains a key level, serving as a crucial pivot point. It's important to emphasize that if the price breaks below 4700, or if the H1 chart closes below 4700, the structure will be considered topped, indicating a downtrend. This would present opportunities to short. Intraday trading can be profitable with both short-term sell and buy orders. Pay close attention to the CPI data.
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Friday (April 10): Gold's upward momentum slowed at the open, trading weakly in Asian sessions. The overnight pullback and Putin's announcement of a 32-hour ceasefire for Orthodox Easter, which Ukraine subsequently followed, weakened safe-haven demand and limited gold's gains. However, the market is expected to remain weak until the release of the US March CPI at 8:30 AM Eastern Time. The March CPI is expected to rise by around 1%, the largest monthly increase since 2022, driven by the Iran war pushing up oil prices.
This will weaken the prospect of a Fed rate cut and thus be bearish for gold. Therefore, if the market reacts as expected, the pullback is likely to be temporary, followed by a rebound. Conversely, if the price falls short of expectations, it will directly boost gold prices. Thus, the recommended strategy for this week is to maintain a bullish bias within a range.
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