Gold is sold off after today’s U.S CPI and FOMC Meeting Minutes

Gold was sold off from 2387.72 to 2286.78 last week because there was news that China stopped buying gold for its reverses and strong U.S NFP print.

However, gold has made a bounce from 2287-2289 to 2319-2320 to wait for today’s U.S CPI and FOMC Meeting Minutes.

Gold short term trend is currently up or down following the Fed monetary policy not geopolitical tensions.

Case 1: Gold ends its correction and is sold off to 2289-2291 or further if today’s U.S CPI print is a strong number and/or the Fed is hawkish in its FOMC Meeting Minutes.

Case 2: Gold will go to 2363-2365 or 2380-2385 if the U.S CPI print is a soft number and the Fed has to follow the easy monetary policy in its FOMC.

The 2320-2323 is the key trading zone to watch for gold trend post CPI and FOMC. Gold short term trend is up if it breaks the 2320-2323, if not gold will be sold off heavily.

Bellow is $2,500 profit Gold Buy Signal 2316.5 on June 4, 2024.

Gold Buy Signal 2316.5 on June 4, 2024

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