Gold 2,538$, Sept 24'. Sharp Decline follows Continuation
Hello Traders. This is my analysis of Gold for the medium term. We have CPI forecasted to decrease tomorrow and IR anticipated to be cut next week. We may observe heavy volatility and opportunity in the market.
CPI
Consumer Prices have been decreasing
/cooling all summer
24'
Labor Market began strong but has
progressively cooled though Summer 24'
Additionally, the Labor market began relatively
strong through Q1 and Q2 24' but has eased into
Q3
Interest Rates have remained the same through
the summer 24' and remain unchanged since Sept 23'
CPI
Consumer Prices have been decreasing
/cooling all summer
24'
Labor Market began strong but has
progressively cooled though Summer 24'
Additionally, the Labor market began relatively
strong through Q1 and Q2 24' but has eased into
Q3
Interest Rates have remained the same through
the summer 24' and remain unchanged since Sept 23'
Note
As Tuesday, October 1st kicks off, I'm anticipating more sell pressure on gold. We may pullback first however , up to a 4hr zone, prior to selling off. I expected price to pullback this week and Monday's sell pressure during London session confirmed my thoughts. I believe we may continue to pullback on Gold prior to NFP data later this week which will likely cause alot of volatility Note
Note
Short on Gold Wednesday NY Session here's a look at the 1 minute chart
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