Last night's CPI data was bearish, and gold prices continued to fall, reaching a low of 4013. The main bearish structure on the hourly chart remains intact. For now, this is only a brief consolidation after the sharp drop, not a bottom reversal, so don't blindly buy the dip.
Key Levels
Resistance: 4044, 4055
Support: 4013, 4000
Trading Strategy
Long: Consider entering only after the price pulls back to around 4010–4030 and stabilizes. First target: 4050; if it holds above that level, next targets are 4070 and 4150.
Short: Consider entering if a rebound to around 4040–4060 meets resistance. First targets: 4020–4000; if price breaks below, look toward 3980 and 3930.
Key Levels
Resistance: 4044, 4055
Support: 4013, 4000
Trading Strategy
Long: Consider entering only after the price pulls back to around 4010–4030 and stabilizes. First target: 4050; if it holds above that level, next targets are 4070 and 4150.
Short: Consider entering if a rebound to around 4040–4060 meets resistance. First targets: 4020–4000; if price breaks below, look toward 3980 and 3930.
