Gold still Bearish??
Today, Gold is expected to experience bearish volatility, primarily influenced by the anticipated CPI results.
➡️The price maintains a bearish outlook as long as it trades below 2612 and 2625, with potential targets at 2587 and, subsequently, 2554 if downward momentum continues.
➡️A bullish reversal would require a break above 2625, which may only be likely if the CPI release is below 2.6%.
🔴However, we expect a CPI outcome around 2.9%, indicating higher inflation, which would likely exert negative pressure on Gold.
🔻Key Levels:
Pivot Point: 2612
Support Levels: 2588, 2571, 2554
Resistance Levels: 2625, 2644, 2662
🔻Trend Outlook:
- Bearish while below 2612 and 2625
- Bullish if Break 2625
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.