The rising momentum shows no signs of cooling down!
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Gold is heading towards its eighth consecutive record-breaking day, showing no signs of slowing down to provide better entry points for the upward trend. The precious metal has few indications that the price increase will be threatened, and the CPI index will be the focus of today's trading.
Looking back at recent days, even the NFP couldn't weaken gold, so it's exactly what was observed last week, with the weaker US dollar truly adding more appeal to gold.
Market sentiment The buyer/seller ratio is indicating dominance in buyer changes, providing a trading signal contrary to popular belief that gold may decrease in value.
Technical outlook On the H4 timeframe, the upward trend is still present, but the momentum is slowing down with shorter candles and a short-term consolidation pattern. In the event that gold continues to rise, the price target of 2370-2380 USD will be of interest today, where there are many short-term sell contracts waiting to be matched.
Looking back at recent days, even the NFP couldn't weaken gold, so it's exactly what was observed last week, with the weaker US dollar truly adding more appeal to gold.
Market sentiment The buyer/seller ratio is indicating dominance in buyer changes, providing a trading signal contrary to popular belief that gold may decrease in value.
Technical outlook On the H4 timeframe, the upward trend is still present, but the momentum is slowing down with shorter candles and a short-term consolidation pattern. In the event that gold continues to rise, the price target of 2370-2380 USD will be of interest today, where there are many short-term sell contracts waiting to be matched.
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