Gold Tests Major Resistance — Is $4,175 Next?
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Gold started the new week with bullish momentum, helped by lower oil, a softer U.S. Dollar, and falling Treasury yields.
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Now $XAUT is testing the Resistance Zone ($4,067-$4,122) after breaking above the Descending Channel that controlled price for nearly two months.
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But tomorrow’s CPI could change the story quickly.
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After the strong jobs report, markets are now pricing around an 81% chance of a December Fed rate hike.
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Technically, I believe Primary Wave 4 may be complete, opening the way for bullish Wave 5.
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If Gold breaks and holds above $4,125, I expect the move to continue toward $4,137, then $4,157 and the PRZ ($4,159-$4,175).
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Trade Setup
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TP1: $4,137
TP2: $4,157
SL: $4,051.8
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Key Levels: $4,125 | $4,175
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Tomorrow’s CPI is the real test: softer inflation could support the breakout, while hotter data could quickly bring sellers back.
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Which comes first?
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🟢 $4,157
🔴 $4,051.8
⠀
#GOLD
⠀
Gold started the new week with bullish momentum, helped by lower oil, a softer U.S. Dollar, and falling Treasury yields.
⠀
Now $XAUT is testing the Resistance Zone ($4,067-$4,122) after breaking above the Descending Channel that controlled price for nearly two months.
⠀
But tomorrow’s CPI could change the story quickly.
⠀
After the strong jobs report, markets are now pricing around an 81% chance of a December Fed rate hike.
⠀
Technically, I believe Primary Wave 4 may be complete, opening the way for bullish Wave 5.
⠀
If Gold breaks and holds above $4,125, I expect the move to continue toward $4,137, then $4,157 and the PRZ ($4,159-$4,175).
⠀
Trade Setup
⠀
TP1: $4,137
TP2: $4,157
SL: $4,051.8
⠀
Key Levels: $4,125 | $4,175
⠀
Tomorrow’s CPI is the real test: softer inflation could support the breakout, while hotter data could quickly bring sellers back.
⠀
Which comes first?
⠀
🟢 $4,157
🔴 $4,051.8
⠀
#GOLD
