Gold Is Losing Momentum Ahead of CPI
$XAU benefited from weaker Dollar pressure, falling oil prices, and easing geopolitical concerns, but I’m now seeing signs that the recent rally may be running out of momentum.
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#GOLD is struggling below the ($4,067-$4,122) resistance area, while a possible Double Top and a completed Elliott Wave 5 are increasing the risk of a correction.
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If price loses the ($4,076-$4,086) support zone, I’ll be watching $4,043 first, followed by $3,993.
My invalidation remains $4,134.
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With U.S. CPI ahead, false breakouts and sharp volatility are very possible.
Which comes first?
🔴 $3,993
🟢 $4,134
$XAU benefited from weaker Dollar pressure, falling oil prices, and easing geopolitical concerns, but I’m now seeing signs that the recent rally may be running out of momentum.
⠀
#GOLD is struggling below the ($4,067-$4,122) resistance area, while a possible Double Top and a completed Elliott Wave 5 are increasing the risk of a correction.
⠀
If price loses the ($4,076-$4,086) support zone, I’ll be watching $4,043 first, followed by $3,993.
My invalidation remains $4,134.
⠀
With U.S. CPI ahead, false breakouts and sharp volatility are very possible.
Which comes first?
🔴 $3,993
🟢 $4,134
