Gold: Price levels and price analysis
Today's focus: Gold
Pattern – Trend break
Possible targets - 1965
Support – 1905
Resistance – 1932.80
As the USD continues its decline since last Friday’s employment data, our attention has turned to Gold as buyers continue to hold outside the downtrend. Price still sits in a range, but for now, the momentum looks to be with buyers as they continue to push a higher move so far today.
This week’s CPI and PPI data will be a factor, but if we see it drop this could be the factor that gets gold buyers moving if the USD decline accelerates. For us, the core figure will be the important one as it’s been the most stubborn.
If we see the core and m/m and y/y drop this week, could this be enough to see gold its range and get a more prolonged up trend back in play?
Have a great day and good trading.
Today's focus: Gold
Pattern – Trend break
Possible targets - 1965
Support – 1905
Resistance – 1932.80
As the USD continues its decline since last Friday’s employment data, our attention has turned to Gold as buyers continue to hold outside the downtrend. Price still sits in a range, but for now, the momentum looks to be with buyers as they continue to push a higher move so far today.
This week’s CPI and PPI data will be a factor, but if we see it drop this could be the factor that gets gold buyers moving if the USD decline accelerates. For us, the core figure will be the important one as it’s been the most stubborn.
If we see the core and m/m and y/y drop this week, could this be enough to see gold its range and get a more prolonged up trend back in play?
Have a great day and good trading.