Gold Price Fluctuations Following US CPI Inflation Data
In Wednesday's US trading session, the sharp decline of Gold after reaching a new peak at $2,365 has rendered the market unstable and caused sudden volatility. This was spurred by the release of US Consumer Price Index (CPI) data, generating uncertain signals in the market.
However, upon examining the 4-hour time chart, we can still observe signs of maintaining the upward trend. The Simple Moving Average (SMA) is still trending upwards with a steep slope and no signs of adjustment.
Simultaneously, the Relative Strength Index (RSI) remains stable around the 60 level, indicating diminishing selling pressure after the market has calmed down. This stability could be a signal that prices are likely to surge in the near future.
However, upon examining the 4-hour time chart, we can still observe signs of maintaining the upward trend. The Simple Moving Average (SMA) is still trending upwards with a steep slope and no signs of adjustment.
Simultaneously, the Relative Strength Index (RSI) remains stable around the 60 level, indicating diminishing selling pressure after the market has calmed down. This stability could be a signal that prices are likely to surge in the near future.
