Chapter 33 Is it time for Gold to go down?
09/05/2023
Summary
United States' significant events led the market
Fundamental analysis
Fundamentally on this pair of Gold, Tomorrow in the USA The CPI inflation rate result will be launched on the US market open If the figure comes more than what the market expected tomorrow means more than 5% USD will gain strength and we will see USD will go up and of course when USD going up Gold will push down.
U.S. CPI YoY
Prev: 5%
Fcst: 5%
U.S. CPI MoM
Prev:0.1%
Act: 0.4%
Technical analysis
In this 4-hour diagram chart, the market price now is 2026.92, we expect the market to push the price down to the previous demand zone at 1980.00 After finishing this pullback coming from the daily chart big supply zone with the 20-moving average point down.
Trading Recommendation
Trading Direction: Short
Entry Price: 2013.24
Target Price: 1981.07
Stop Loss: 2029.51
