It’s no surprise that gold was at a technical inflection point just ahead of the CPI data this morning. The below 4-hour chart shows the price hitting the top of the channel I have been showing for quite some time.
A breakout to the topside would reinforce the notion that gold is set to move higher in the medium term and maybe a signal to add to positions for those already long on this trade or perhaps to initiate a position if on the sidelines.
Of course, I will be watching out for a dip that bulls step into buy on this morning’s inflation data.
A breakout to the topside would reinforce the notion that gold is set to move higher in the medium term and maybe a signal to add to positions for those already long on this trade or perhaps to initiate a position if on the sidelines.
Of course, I will be watching out for a dip that bulls step into buy on this morning’s inflation data.
⚠️ Stop Loss : 1972
💲 Take Profit 1: 1955
💲 Take Profit 2: 1950
💲 Take Profit 3: 1945