Gold price today should be traded?

Following the release of the US CPI year-over-year data at 3.4%, which was lower than the previous period and aligned with analyst forecasts, GOLD has resumed its upward trend since bottoming out at around $2,375.

Labeling the waves from this low point, we might assume that four major waves have completed, with a fifth expansive wave currently unfolding.

For traders, the current range between $2,406 and $2,416 presents a favorable buying opportunity, with short-term targets potentially set between $2,465 and $2,470, and a more distant goal at the $2,500 mark. However, this hypothesis of an expansive fifth wave remains tentative; should GOLD continue to decline through the $2,374 level today, traders should watch out if prices breach the blue-marked support zone.

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