GOLD TRADE IDEA 15 MARCH 2023-CPI yesterday came out exactly as conesus on the YoY, MOM and Core YoY. Due to this already being forecasted and priced in. CPI had minimal impact and we had messier markets.
Overall though CPI is still at macro high levels YoY (6%), which is 3 times higher than the Feds 2% goal. The fight on inflation is far from over and the Feds will need to stay the course.
For the next meeting a 25BPS hike still has the highest probability.
-Gold held below 1912 during Asian and london session yesterday
Today's key economic events
> Retail sales MoM (previous 39%, consensus -0.39%).
> PPI MOM (previous 0.79%, consensus 0.39%).
> At the same time of PPI and retail sales (13:30 CET) we also have NY empire state manufacturing index,
Trade setup for the day.
Break below 1902 & 1897 we will be looking for sell.
Buys on break above 1912,
Deeper pullback sell @ 1924 & 1929.
High risk high reward buys @ 1887 -86.
