Paintomaker

GOLD Long on Support, positioning for US Inflation numbers

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
Hello, we have a very nice opportunity in Gold , next week CPI numbers will shake markets and the expectations are to confirm increasing inflation . Inflation is right now the only thing that matters as it's making bond yields to climb and SPX to crash. This means money is in risk-on mode plus inflation is picking up, so it's moving to assets that can protect value in an inflationary world like Gold .

We have this really nice combination of uptrend forming, price has started to make higher highs and higher lows and it's trading at a discount price near 1318 which is a strong level of support.
Also we have this pitchfork that looks really well, and price is respecting the inner parallels really well.

We have a potential RR of 3.3 to 1 on this one, so it's a trade worth taking.

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Comment: Risk off mode, sorry for the confusion.
Trade closed manually: Closed after NFP , trading conditions have changed, more rate hikes expected this year so the MT swing will have to wait a little bit until they are fully priced

Closing point: +75