Gold Market Poised for Volatility Amid CPI and Fed Rate Decision

12 juin

Technical Analysis: Gold

The price reached our target from yesterday and still trades at the same zone.

• Current Outlook:
  The price is expected to reach 2302 and then push up again. Stability above 2321 would indicate a bullish trend. Generally, the price will consolidate between 2321 and 2302 until a breakout occurs.
  
  
• Market Volatility:
  Today's market will be influenced by the CPI release and the Federal Reserve's rate decision, leading to increased volatility.
  
  
• Bullish Scenario:
  If CPI is less than 3.4%, the price should break above 2321 to continue the bullish trend towards 2344 and 2357.
  
  
• Bearish Scenario:
  If CPI is more than 3.4%, the price may drop to 2302. Stability below 2311 for a 15-minute candle would indicate bearish pressure. A break below 2302 on a 4-hour candle close would target 2292 and potentially 2260.
  
  
• Key Levels:- Pivot Line: 2302
  - Resistance Levels: 2333, 2357, 2377
  - Support Levels: 2302, 2292, 2260
  
  
• Today's Expected Range:
  The price is expected to move between the support at 2292 and the resistance at 2357.
  
  
• Our previous Prediction:
  

12 juin

Note

As anticipated, the price surged rapidly following the CPI result. This bullish trend suggests the potential to reach 2,357. However, the upcoming Fed rate decision will significantly influence the market, particularly during Jerome Powell's speech at the Fed meeting.