Today’s CPI data will be crucial for determining price direction.
Highlights 📈 Gold is near its all-time high of 2485. 🔄 A potential breakout from the 4-month consolidation is expected. 📊 CPI data today is pivotal for gold’s movement. 💹 Recent resistance at 2475 could influence short-term trades. 🔍 Support levels at 2455 and 2440 are critical for bearish scenarios. 🌟 A bullish sentiment dominates the current analysis.
Key Insights 📈 All-Time High Resistance: Gold is nearing the all-time high of 2485, which presents a significant resistance level. If broken, it could trigger a strong bullish move.
🔄 Consolidation Phase: The 4-month sideways market suggests a potential breakout. A decisive move above 2500 may lead to targets around 2600-2650.
📊 CPI Impact: Today’s CPI data will critically affect gold prices; readings above 3.0% could lead to bearish sentiment for gold.
💹 Key Resistance & Support Levels: The 2475 resistance is crucial; breaking above it may indicate a new upward trend, while support at 2455 is vital to maintain bullish momentum.
🔍 Short-Term Trading: Traders should focus on 40-60 pips for profits in this choppy market, emphasizing the importance of risk management.
⚖️ Trend Following: It’s advisable to favor buying positions as long as the support levels hold. Shorting should only be considered if critical support breaks.
🌟 Market Sentiment: Overall, the sentiment remains bullish unless significant bearish signals emerge from CPI data or price action.
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