GOLD consolidated yesterday within the range with some dollar strength in play,
we got some deeper pullback to 1721-1722 level , today also we will be stick with higher time frame bearish bias , and macro information advantage supporting dollar strength,
Also today the CPI & jobless numbers will remain some key data shedule to release @ 7.00 PM IST will be pplaying important tole in next move of gold.
If overall inflation numbers comes higher than expected then FED's hawkish path will be continued and we can see market back to higher time frame macro sentiment i.e Gold bears, Strong dollar, indices sell off
If data shows improvement and CPI is lower than expected or as expected, investors will take that as hope of FED pivots and it will keep gold more bullish , dollar bearish and indices bullish.
Trade idea for gold today.
1. We will be looking to sell gold near key level 1715-1716.5 Targeting 1700-1695 , 1721 will be another are of interest to sell gold for Target 1700.
2.We have a huge liquidity gap between 1702-1682, which shall get filled ,so any break below 1700 will be a short entry after confirmation for Target 1682,
3.We will be looking to buy only above 1723 with till 1730,
4. Unless we have a catalyst for dollar weakness ( New geopolitical tension , improved CPI data , currency intervention , bond buying etc) we are not seeing gold breaking above 1730. with some surprising CPI numbers only we are seeing gold to break above 1730 and there on till 1765.
we got some deeper pullback to 1721-1722 level , today also we will be stick with higher time frame bearish bias , and macro information advantage supporting dollar strength,
Also today the CPI & jobless numbers will remain some key data shedule to release @ 7.00 PM IST will be pplaying important tole in next move of gold.
If overall inflation numbers comes higher than expected then FED's hawkish path will be continued and we can see market back to higher time frame macro sentiment i.e Gold bears, Strong dollar, indices sell off
If data shows improvement and CPI is lower than expected or as expected, investors will take that as hope of FED pivots and it will keep gold more bullish , dollar bearish and indices bullish.
Trade idea for gold today.
1. We will be looking to sell gold near key level 1715-1716.5 Targeting 1700-1695 , 1721 will be another are of interest to sell gold for Target 1700.
2.We have a huge liquidity gap between 1702-1682, which shall get filled ,so any break below 1700 will be a short entry after confirmation for Target 1682,
3.We will be looking to buy only above 1723 with till 1730,
4. Unless we have a catalyst for dollar weakness ( New geopolitical tension , improved CPI data , currency intervention , bond buying etc) we are not seeing gold breaking above 1730. with some surprising CPI numbers only we are seeing gold to break above 1730 and there on till 1765.