Gold Rejected Key Price Level
Gold shot up but rejected a key price level.
Close was above previous highs.
Expecting a "slow" climb back toward the high at the key level between 1805 to 1810 before continuing a the dip.
CPI data was very favorable - expecting a lower probability of 75bps interest rate hike in the next cycle. But, as long as interest rates continue to go up to combat inflation, it is bullish for the Dollar, and gold will keep falling
Expecting Fed to claim that even with better than forecast for CPI data, we still need to raise interest rates to combat inflation.
Close was above previous highs.
Expecting a "slow" climb back toward the high at the key level between 1805 to 1810 before continuing a the dip.
CPI data was very favorable - expecting a lower probability of 75bps interest rate hike in the next cycle. But, as long as interest rates continue to go up to combat inflation, it is bullish for the Dollar, and gold will keep falling
Expecting Fed to claim that even with better than forecast for CPI data, we still need to raise interest rates to combat inflation.
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