GOLD → Waiting for the CPI. Will the situation change much?

12 gru 2023

XAUUSD continues to fall despite the expectations of many. The price is testing the 1984 area and updated the low to 1975.89. What can happen today?



The DXY is in a local trend phase, but at the same time it is consolidating in anticipation of today's CPI and further news this week. The main gaze is directed towards FED interest rate decision, FOMC statement, Initial jobless claims.
Against the backdrop of Friday's NFP we can say that things are still not very stable and the representatives of the US economic system may still consider a tougher outlook. In this case the dollar index will continue its growth and gold will go down.
Technically, the metal is in the red zone, updating lows and testing resistances from below. The chances that the market will change the trend are not so great. Analysts expect bullish CPI, which will strengthen the dollar. Gold may fall further after a shakeout, within which it may test nearby resistances.

Support levels: 1980, 1975, 1965
Resistance levels: 1984, 1890, 1994

I expect a shakeout on the background of the news, after which the decline may continue with a high probability. The potential is on the side of the bears, their strength prevails at the moment.

Regards R. Linda!

12 gru 2023

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