Gold Remains Neutral on Daily; Assessing Follow Through

10 giu 2021

XAUUSD repsonded to the core CPI print of 0.7% m/m, which was higher than the 0.5% forecast. A bullish hammer has charted (day still to complete). This shows that bears took price down to the day's low before losing control to the bulls. Price is still in the neutal zone, however, bullish follow through may push price into the bullsih zone. The RSI is still above 50, and if this condition holds, it will support a movment upwards. For a potential and sustained bullish trend to emerge, we are looking for price to move into the bullish area and for the bollingers to expand.