Gold Jan14

https://www.tradingview.com/chart/0rMKUP7J/
NEWS :

the **Core Producer Price Index (PPI)** report will be released. This index measures the change in selling prices for goods and services sold by producers, excluding food and energy products. The PPI reflects price changes from the seller's perspective and impacts **U.S. inflation data**.

**Forecast:** 3.7%, higher than the previous 3.4%.

### **Market Outlook:**
- **Sell Bias** for gold prices, which remain within a range.
- On the **daily chart**, there’s an **engulfing pattern** that signals a retest to the upside before continuing downward.

### **Key Levels to Watch:**
- **Resistance 1:** 72-74
- **Resistance 2:** 88-90
- **Support 1:** 56-57 (with a chance of breaking lower)
- **Support 2:** 44-42

---

### **Trading Strategy:**
- If the price remains within the identified resistance range and reversal signals appear, consider **selling**.
- Set a **Stop Loss** near resistance to manage risk effectively.
- Monitor the break of **Support 1 (56-57)**; if the price continues downward, wait for confirmation of a break below **Support 2 (44-42)** to follow through with additional trades.

Feel free to ask if you need further clarification or additional analysis!