GOLD Outlook: Bearish Pressure Expected Ahead of CPI Release
GOLD
Technical Analysis
Today, Gold is expected to experience bearish volatility, primarily influenced by the anticipated CPI results.
The price maintains a bearish outlook as long as it trades below 2612 and 2625, with potential targets at 2587 and, subsequently, 2554 if downward momentum continues.
A bullish reversal would require a break above 2625, which may only be likely if the CPI release is below 2.6%. However, we expect a CPI outcome around 2.9%, indicating higher inflation, which would likely exert negative pressure on Gold.
Key Levels:
Pivot Point: 2612
Support Levels: 2588, 2571, 2554
Resistance Levels: 2625, 2644, 2662
Trend Outlook:
- Bearish while below 2612 and 2625
- Bullish if Break 2625
Technical Analysis
Today, Gold is expected to experience bearish volatility, primarily influenced by the anticipated CPI results.
The price maintains a bearish outlook as long as it trades below 2612 and 2625, with potential targets at 2587 and, subsequently, 2554 if downward momentum continues.
A bullish reversal would require a break above 2625, which may only be likely if the CPI release is below 2.6%. However, we expect a CPI outcome around 2.9%, indicating higher inflation, which would likely exert negative pressure on Gold.
Key Levels:
Pivot Point: 2612
Support Levels: 2588, 2571, 2554
Resistance Levels: 2625, 2644, 2662
Trend Outlook:
- Bearish while below 2612 and 2625
- Bullish if Break 2625
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