Gold Awaits Inflation Report; Key Levels Signal
Gold Technical Analysis
Today’s inflation report is anticipated to drive significant market movements, particularly following unanimous agreement among Fed members to cut rates by 50 basis points.
A CPI release exceeding 2.3% is expected to support a bearish trend towards 2587. Conversely, a CPI below 2.3% would likely drive a bullish trend, targeting 2638.
Key Levels:
Pivot Point: 2624
Resistance Levels: 2638, 2648, 2660, 2680
Support Levels: 2615, 2605, 2593
Trend:
Bearish below 2624
Bullish above 2,638
previous idea:
Today’s inflation report is anticipated to drive significant market movements, particularly following unanimous agreement among Fed members to cut rates by 50 basis points.
A CPI release exceeding 2.3% is expected to support a bearish trend towards 2587. Conversely, a CPI below 2.3% would likely drive a bullish trend, targeting 2638.
Key Levels:
Pivot Point: 2624
Resistance Levels: 2638, 2648, 2660, 2680
Support Levels: 2615, 2605, 2593
Trend:
Bearish below 2624
Bullish above 2,638
previous idea:
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