GOLD
New forecast
Gold prices remained stuck in a narrow range, today, Tuesday, as it stabilizes near the level of 1945 Dollar per ounce, as investors await the release of consumer price index data in the United States today.
Keep an eye out for important data
Market participants around the world are awaiting US CPI data scheduled for Tuesday, and Producer Price Index data scheduled for Wednesday.
CPI scenario
If the result released above expectation it will be positive for Dollar and negative for Gold and Indices .
If the result released under expectation it will be negative for Dollar and positive for Gold and Indices .
If the result released as expectation it will be negative for Dollar and positive for Gold and Indices but not very significantly .
Technical abstract :
The price perfectly fulfills my last idea and price reached to our first target +60 pip .
The price of gold traded with noticeable positivity after it found strong support at the 1932 level, to test the sub-resistance of 1947, which constitutes a negative incentive that makes us expect a bearish bias during the coming sessions, waiting to test the 1932 level again, remembering that breaking it will push the price to 1916 and 1911.
Therefore the downtrend scenario will be remain valid and effective during coming period supported by Moving average 50 that is continues to support the proposed bearish wave, taking into account that consolidation above 1947 will lead the price to achieve further gains and test the 1962 level as a major positive station. so we will have two zone for sell today 1947 if price break and stabilized above it , it will force the price to rise to reach 1962 and then dropping ,
The expect range trading for today it will be between resistance line 1962 and support line 1932 until stabilized .
Additionally , Today News will affect on the market .
support line : 1932 , 1916
resistance line : 1947 , 1962
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
New forecast
Gold prices remained stuck in a narrow range, today, Tuesday, as it stabilizes near the level of 1945 Dollar per ounce, as investors await the release of consumer price index data in the United States today.
Keep an eye out for important data
Market participants around the world are awaiting US CPI data scheduled for Tuesday, and Producer Price Index data scheduled for Wednesday.
CPI scenario
If the result released above expectation it will be positive for Dollar and negative for Gold and Indices .
If the result released under expectation it will be negative for Dollar and positive for Gold and Indices .
If the result released as expectation it will be negative for Dollar and positive for Gold and Indices but not very significantly .
Technical abstract :
The price perfectly fulfills my last idea and price reached to our first target +60 pip .
The price of gold traded with noticeable positivity after it found strong support at the 1932 level, to test the sub-resistance of 1947, which constitutes a negative incentive that makes us expect a bearish bias during the coming sessions, waiting to test the 1932 level again, remembering that breaking it will push the price to 1916 and 1911.
Therefore the downtrend scenario will be remain valid and effective during coming period supported by Moving average 50 that is continues to support the proposed bearish wave, taking into account that consolidation above 1947 will lead the price to achieve further gains and test the 1962 level as a major positive station. so we will have two zone for sell today 1947 if price break and stabilized above it , it will force the price to rise to reach 1962 and then dropping ,
The expect range trading for today it will be between resistance line 1962 and support line 1932 until stabilized .
Additionally , Today News will affect on the market .
support line : 1932 , 1916
resistance line : 1947 , 1962
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
