Hello everyone. The newly released US core CPI m/m is 0.3%, less than the expected figure of 0.4% and also well below June's 0.9%.
CPI is another key economic data that Fed keeps a close eye on. When the number goes too high, fed tends to raise interest rate to combat inflation. Today's data eased investors' concern a bit. Fed may not rush to raise the target rate.
The news drove gold price higher as I mentioned in my previous post regarding the relation between treasury yield and gold price.
On the chart, the 1750 might be conquered before challenging the next key zone of 1780. To reduce the risk, let the market tell us what to do for the bullish setup:
1. Price closed firmly above 1750
2. looking for pullback opportunities on 60m or 240m chart.
3. Target is 1780 and don't forget to trail your stops.
That's my brief trading plan.
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Price firmly closed above 1750 after battles between buyers and sellers.
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On the hourly chart, the signal is a bit choppy. You can still find pullback opportunities, though it's definitely not the best one.