The CPI value has a 55% chance of being negative for gold
Amid the unstable geopolitical situation, gold has been an emergency haven. On Monday and Tuesday, it maintained its rising pace last week and continued to reach new highs. Moreover, under the encouragement of central bank buying, it is difficult to change the temporary strength. Therefore, the trend of gold is relatively obvious, which is bullish. On Wednesday today, the market will focus on the March CPI data and the minutes of the Federal Reserve meeting to be released by the Federal Reserve. Judging from the recent data released by the Federal Reserve, it is very positive for the US dollar and negative for gold. The specific data performance will depend on the actual data release.
According to the current performance on Wednesday, the daily cycle unilateral moving average support points are at 2328 and 2290. Standard trading has to wait until it falls back to 2328 to go long. But this possibility is relatively small, maintaining the strength of the Asian and European markets. Tuesday's low of 2338 has not broken, let alone testing 2328. Therefore, keep the support near 2338 for long positions during the day. Since the current price of gold is too high, don’t be overly optimistic even if it is bullish. If the upper level does not break through 2365, look at this target. After breaking through 2365, we will see the room for continued big gains. The US CPI data is the focus of the day. According to recent US data performance, it is more likely to be bullish for the US dollar and bearish for gold. If it is negative, focus on gains and losses at 2328 points. After breaking the level, gold will not be so strong.
According to the current performance on Wednesday, the daily cycle unilateral moving average support points are at 2328 and 2290. Standard trading has to wait until it falls back to 2328 to go long. But this possibility is relatively small, maintaining the strength of the Asian and European markets. Tuesday's low of 2338 has not broken, let alone testing 2328. Therefore, keep the support near 2338 for long positions during the day. Since the current price of gold is too high, don’t be overly optimistic even if it is bullish. If the upper level does not break through 2365, look at this target. After breaking through 2365, we will see the room for continued big gains. The US CPI data is the focus of the day. According to recent US data performance, it is more likely to be bullish for the US dollar and bearish for gold. If it is negative, focus on gains and losses at 2328 points. After breaking the level, gold will not be so strong.
Trade active:
Today's CPI data is expected to see gold fall back and then continue to rise.
Trade active:
There are still 30 minutes until the CPI data is released, friends, get ready to trade.