Midday Review (10:14):
The morning low was 4144, followed by an immediate rebound, broadly in line with the morning outlook.
There is considerable support below 4150, and buying interest at lower levels is also looking fairly strong right now.
However, price action from yesterday through today has also shown substantial resistance overhead.
Easing that pressure will require continued consolidation or a dip.
Before the CPI data, we can generally stick with the morning plan:
Buy the dips at the support levels below 50, one by one, but don’t get too committed; when the rally loses steam, take a short position, but don’t get too committed there either.
Keep doing this until a strong, decisive rally appears! #XAUUSD $XAU
The morning low was 4144, followed by an immediate rebound, broadly in line with the morning outlook.
There is considerable support below 4150, and buying interest at lower levels is also looking fairly strong right now.
However, price action from yesterday through today has also shown substantial resistance overhead.
Easing that pressure will require continued consolidation or a dip.
Before the CPI data, we can generally stick with the morning plan:
Buy the dips at the support levels below 50, one by one, but don’t get too committed; when the rally loses steam, take a short position, but don’t get too committed there either.
Keep doing this until a strong, decisive rally appears! #XAUUSD $XAU