Recently, central banks have been instrumental in supporting the value of gold. Their interest in purchasing precious metals has reached new heights, playing a major role in stabilizing gold prices. Despite this, the US Federal Reserve continues to hold a significant position in the gold market, and many anticipate an increase in gold prices once the current monetary tightening cycle comes to a close.
Gold is currently selling at $196.20, which is the 23.6% Fibonacci retracement level of its most recent daily drop. This indicates a potential downside risk and suggests that the lows of $1932.00 may be tested monthly in May. The daily chart reveals that gold is positioned below the bearish 34 and 89 EMAs, with its slope extending below the aforementioned Fibonacci level.
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Gold traded above the 1954 zone and went to 1962 as expected
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CPI currently, the expected data is lower than the previous period.
DXY is under pressure from expected data before the release time.
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1954 -> 1970$. CPI bigwin
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gold back to 1940 and match BUY strategy here. Gold is currently at the price of 1946