Gold Analysis ahead of CPI report. How long gold will drop?
Over 3 weeks, gold is falling at a stance with out any major upside correction. FED is very hawkish in their statement, and it has big chances that they will rise bank rates several time more than 50 bp in this year.
To hike rates CPI is a very important report. So, if the CPI prints positive or more than 5% gold has chances to drop below its strongest support level of $1830. Breaking below $1830 will open the door more bearish in gold. And next target end of this month is $1800. And final target to the downside is $1787..
On the other hand, if CPI prints negative, we will see some upward correction as it has dropped huge. If CPI prints positive, 1st target to the upside is $1862. Breaking above $1862, next target $1877 and final target to the upside is $1900/1911
To hike rates CPI is a very important report. So, if the CPI prints positive or more than 5% gold has chances to drop below its strongest support level of $1830. Breaking below $1830 will open the door more bearish in gold. And next target end of this month is $1800. And final target to the downside is $1787..
On the other hand, if CPI prints negative, we will see some upward correction as it has dropped huge. If CPI prints positive, 1st target to the upside is $1862. Breaking above $1862, next target $1877 and final target to the upside is $1900/1911
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