Plan for XAUUSD with CPI Announcement
XAUUSDGold has been trading in the range since last Friday (10th February 2023). It is clear that speculators and investors are waiting for something: maybe some economic indicators like CPI will decide the movement of Gold by today (14th February 2023)
Within the 1H timeframe, It is clear that gold has a strong chance of continuing its downtrend if it breaks below the trading range of 1850-1865 with the the following key support levels:
1st Support at: 1835
2nd Support at: 1825
Key Support at: 1800
On the contrary in a bigger picture of Day timeframe, Gold can still push for another leg upward as the price action has slowed the downward movement. If CPI number comes out in favor of Gold then it has a chance of testing the following key resistance when it breaks the range between 1850-1865 upward:
1st Resistance at: 1880
2nd Resistance at: 1885
Key Resistance at: 1900
The most importance part of all; Place a trade where the Risk to Reward favors in the direction that you choose!!!
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