GOLD SHORT TERM INTRADAY IDEA
NEWS PREPARATION FOR TONIGHT ( 18 Jan 2023 )
Technical
- Liquidity grab during YCC News whereby there was short term DXY strength due to the weakness of the JXY. Price came back up and engulfed multiple 4hr candles to the left breaking this bull flag ( correction ) as seen on the chart.
- Higher highs are forming now which we may see a shift in market structure again. Overall Gold is still very bullish and will not rule out our target at 1958 if 1928 breaks.
Fundamentals
- Gold has been very bullish due to a decrease in inflation and rising hopes for a fed pivot.
- Tonight economic data would be ideal if the PPI prints either as per forecasted or prints a decline in PPI.
- Retail sales printing lower than forecasted , worsening industrial production
If these news prints in favour of a worsening dollar, do expect DXY to crash and Gold to continue its bullish momentum to retest 1928 key level. Upon breaking up possibly 1958.
If the news prints vice versa, we will expect the dollar to go up and gold to crash. Either ways wait for news to be released and candle sticks to print. Do not fomo.
What i do not want to see is mixed data whereby we may get poor ppi data and subsequent news at 10.15, 11 to show good data. This might cause consolidation through Asian the following day.
Technical
- Liquidity grab during YCC News whereby there was short term DXY strength due to the weakness of the JXY. Price came back up and engulfed multiple 4hr candles to the left breaking this bull flag ( correction ) as seen on the chart.
- Higher highs are forming now which we may see a shift in market structure again. Overall Gold is still very bullish and will not rule out our target at 1958 if 1928 breaks.
Fundamentals
- Gold has been very bullish due to a decrease in inflation and rising hopes for a fed pivot.
- Tonight economic data would be ideal if the PPI prints either as per forecasted or prints a decline in PPI.
- Retail sales printing lower than forecasted , worsening industrial production
If these news prints in favour of a worsening dollar, do expect DXY to crash and Gold to continue its bullish momentum to retest 1928 key level. Upon breaking up possibly 1958.
If the news prints vice versa, we will expect the dollar to go up and gold to crash. Either ways wait for news to be released and candle sticks to print. Do not fomo.
What i do not want to see is mixed data whereby we may get poor ppi data and subsequent news at 10.15, 11 to show good data. This might cause consolidation through Asian the following day.
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