Gold- Inflation data could provide the trigger for a break

12 lug 2023

After the dive under 1900 and the new attempt of a drop under this important figure last week, Gold was trading higher with dips clearly bought by bulls.
In my yesterday's analysis, I've written that a break of important 1940 horizontal resistance could follow such a price development and the overall idea is unchanged.
At the time of writing Gold is "playing" with this resistance and inflation data could provide the trigger for the break.
Eventual dips under 1930 should be bought and negation comes under 1915 low.
As for the target, the next obvious level of resistance is at the 1975 zone

12 lug 2023

Commento

As expected, CPI led to an up break.
1935 is now support and for up continuation to 1975 zone it needs to hold

13 lug 2023

Commento

Indeed, we have a clear break of resistance at this moment, however, a correction is not only possible but probable.
Technically, the ideal level for this correction is at the 1935-1940 zone.
Considering the power of yesterday's break though, in my opinion, the price will not drop so far and will stop higher
The level that I will keep a close eye on is 1950 and here we should look for reversal signs

14 lug 2023

Commento

My yesterday's update for the idea worked like a charm with Gold reversing exactly from the indicated zone.
At this moment it looks like we will have a strong close for the week and in this case more gains are very probable.
So far, dips were bought all through the day