Gold trend is making a reversal after US, UK attacking Yemen

Gold was sold off from 2035-2036 to 2013-2015 after better than expected U.S CPI report. But the news of US, UK attacking Yemen supported gold to make a reversal and gold jumped from 2025 to 2961-2062 on Jan 13 on safe heaven demand.

From the H1 gold chart above, gold has formed support zones 2028-2031, 2039-2041 and a strong resistant zone around 2061-2063. Gold short term has formed an up trend after breaking the 2039-2041 last Friday.

Gold is up or down following Middle East news, and it may drop quickly to test the 2039-2041 or 2028-2031 if the Middle East tension is de-escalated.

On day chart, gold has made another higher low and its up trend is resumed. Gold will trade from 2028-2031 to 2075-2080.

The 2039-2041 and 2028-2031 are key zones to watch if gold makes a correction. The 2061-2063 is a key zone to watch if gold breaks it to continue its up trend to 2075-2080.

Bellow is $1400 profit Gold Signal to Sell 2030-2032 after hot U.S CPI report last Thursday, Jan 11 2024.

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