Gold, CPI, Trendline breakout - Precious metals briefing
Updated
These developments are leaving the yellow metal in a precarious state heading into the final 24 hours of this week. On the daily chart below, gold appears to be confirming a breakout under a rising trendline from February.
From here, immediate support is the 38.2% Fibonacci retracement level at 1903. Pushing below this price opens the door to an increasingly bearish technical bias.
From here, immediate support is the 38.2% Fibonacci retracement level at 1903. Pushing below this price opens the door to an increasingly bearish technical bias.
Note
Yields on 10-year US government bonds last week increased continuously, from 4% to 4.138%/year, making gold less attractive.Note
Before the strength of the USD and bonds, speculators limited their holdings of precious metals, causing the world gold price to drop to 1,902 USD/ounce last night.Note
BUY XAUUSD zone 1899 - 1902SL: 1896
TP: 1905
TP: 1908
Trade closed: target reached
It's Hit TP2 + 90pips 🧃🧃🧃Note
Immediate support is the 38.2% Fibonacci retracement level at 1903. A confirmatory close under this point exposes the midpoint at 1848. Otherwise, in the event of a turn higher, keep a close eye on the falling trendline from April. This could hold as resistance, maintaining the near-term downside focus.Note
🔹JP_Morgan shares lose $11 billion in one day, and General Motors shares fall to their lowest level in two months.
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