CPI Inflation data aftermath commentary: Quadruple Bottom was ready to reject the Intra-day slide, I followed it for us with very careful Stop loss selection. Terrain is well prepared for me to pursue #1,927.80 - #1,932.80 Support in extension followed by #1,900.80 contact point and regardless of the news, I expect Gold to remain heavily pressured on Daily basis. Last #4 Intra-day rejections on Hourly 4 chart delivered approximately (# +1.00%) relief rally on Gold. Those were (# +0.84%), (# +1.18%), (# +1.12%), (# +1.43%) and according to my calculations, #1,952.80 - #1,955.80 test would be a fair estimate (or current Price) and another aggressive slide towards #1,927.80 first, then #1,900.80 benchmark extension. My expectations that CPI will deliver softer reading but have less or no Bullish impact on Gold were Spot on where I re-Sold Gold twice throughout yesterday's session.
My position: As stated many times, I will continue Selling every Top that Gold delivers on Daily basis and as I expect Rate to remain unchanged today followed with hawkish stance from Fed chair on the aftermath, current sequence may be enough for Gold to pierce #1,927.80 - #1,932.80 Support zone and Trade more closer towards #1,900.80 benchmark. I will re-Sell Gold as near as (or within) #1,950's with #1,900.80 as my optimal Target. Do not expect #2,000.80 benchmark test on every small upward impulse in form of a correction as #2,000.80 is impossible level to be considered, at least for Medium-term (stay with the trend for optimal Trading results).