⭐️GOLDEN INFORMATION: Gold prices pulled back from all-time highs on Tuesday, dropping to $2,346 after reaching $2,365. This was due to a risk-on sentiment and declining US Treasury yields. The US economic calendar was light, with the NFIB Small Optimism Index falling for the third consecutive month. Traders are now awaiting the release of the US Consumer Price Index and the Federal Open Market Committee Minutes on Wednesday.
⭐️Personal comments NOVA: The uptrend line continues - today's CPI data, according to economic experts, is still not positive for the dollar - Gold prices still have many new rising motivations
⭐️Technical analysis: Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable BUY order.
⭐️NOTE: Note: Nova wishes traders to manage their capital well - take the number of lots that match your capital - Takeprofit equal to 4-6% of capital account - Stoplose equal to 2-3% of capital account - The winner is the one who sticks with the market the longest
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Gold traders will closely watch the US CPI data for March and the FOMC Minutes on Wednesday. These events could give insights on inflation and the Fed's monetary policy. Higher inflation might reduce expectations for rate cuts in June and limit gold's potential gains. Lower inflation, however, could increase speculation of rate cuts and support XAU/USD.
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Gold price dropped before CPI news today, trading below $2350
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+ 55 pips, plan day BUY 2328-2326
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+ 170 pips, signal PLAN DAY BUY 2328-2326
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Gold prices are moving in a wide range 2320-2355 following good CPI data for the dollar
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Gold price decreased slightly in sideways range, waiting for today's PPI data