Gold trade acc to CPI target 2700

15 Jan

Gold Price Forecast

Investors are adopting a cautious stance in the gold market ahead of the upcoming US Consumer Price Index (CPI) data release, which may influence the Federal Reserve's monetary policy decisions. Nevertheless, the gold price remains poised for a potential upswing following a recent breakout from a symmetrical triangle pattern. A decisive move above the $2,675 threshold is required to propel the price higher, with robust support levels situated at $2,656 and $2,640.

Key Levels
Resistance: $2,675, $2,700
Support: $2,656, $2,640, $2,615

Market Sentiment
The gold price is currently experiencing a period of consolidation, with investors awaiting the US CPI data release for further guidance. A stronger-than-expected CPI report could trigger a downturn in gold, while a weaker-than-expected reading could fuel additional gains in the ongoing upward trend.

Trade Idea
Buy XAUUSD on weakness, targeting $2,700

Rationale
Awaiting US CPI data release. Weaker-than-expected CPI could fuel additional gains in the ongoing upward trend.

Entry
$2,656 - $2,640

Target
$2,700

Stop Loss
$2,615

Hope my idea will be profitable for you 😄
Best wishes Tom 😎

17 Jan

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