Gold did not fluctuate much before the US CPI report
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During the March 11 session, gold did not have many strong fluctuations as the market waited for upcoming news from the United States. The precious metal remained in the $2,174 - $2,184 range before ending the day at $2,183.
Today, the market will receive the US CPI report, with year-on-year data expected to remain unchanged. Currently, gold is trading around $2,180.
Gold prices rose modestly as bulls took a break amid continued strong price momentum.
Although optimistic about gold, investors should be sensitive to the market's current speculative position. note that these types of traders can reverse their positions very quickly if the market begins to turn.
Analysts also believe that the gold market needs to witness new investor demand if this upward momentum lasts. While speculators flock to precious metals, investors continue to flee gold-backed exchange-traded funds.
Today, the market will receive the US CPI report, with year-on-year data expected to remain unchanged. Currently, gold is trading around $2,180.
Gold prices rose modestly as bulls took a break amid continued strong price momentum.
Although optimistic about gold, investors should be sensitive to the market's current speculative position. note that these types of traders can reverse their positions very quickly if the market begins to turn.
Analysts also believe that the gold market needs to witness new investor demand if this upward momentum lasts. While speculators flock to precious metals, investors continue to flee gold-backed exchange-traded funds.
Note
XAUUSD BUY 2176 - 2178TP 2186
TP 2193
SL 2166
Note
running + 30 pips
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