From a technical perspective, it is important to highlight that Gold is currently in the process of forming a noteworthy Harmonic Pattern, specifically the bullish Crab Pattern, as discussed previously. As the price approaches the XA 1.618 level, it coincides with the Gold daily/4H/1H Demand zone, approximately around the 1898 area. This presents an opportunity for a retracement to address the market imbalances created over the past few weeks. Our projection suggests a potential price target of 1944, with the possibility of further extension to 1956.7 at the B point-C point, before considering a selling opportunity.
In light of these observations, it is of utmost importance to exercise caution and make well-informed trading decisions, while maintaining a vigilant approach to market dynamics.
In light of these observations, it is of utmost importance to exercise caution and make well-informed trading decisions, while maintaining a vigilant approach to market dynamics.
Comment:
The US Consumer Price Index (CPI) report for June released yesterday showed that CPI increased by 3% year-on-year, slightly lower than the forecast of 3.1% increase from economists. participating in the Dow Jones poll. This is also the lowest level since March 2021. Besides, core CPI, excluding food and energy prices, increased by 4.8% YoY and 0.2% YoY. This is lower than estimates for 5% and 0. ,3%. According to many analysts, June data can basically help the US Federal Reserve "breathe" a sigh of relief.
