Is Gold making a correction after hot CPI?

Gold has broken the 2300-2302 to go to its all time high 2364-2365 after the news of Israel attacking Iran embassy.

However, gold has showed sign of reversal after failing to break the 2364-2365 zone. Yesterday, April 10 2024, the U.S CPI print is a strong number and gold was sold off from 2351-2353 to 2316-2322.

Gold Trend after April 10, 2024 hot CPI

Gold went to test the 2351-2353 post FOMC and its short term down trend was ended around 2316-2322. Gold up trend is strong and it is consolidating to wait for Middle East tensions news and April 11, U.S PPI release.

Gold has made a temp TOP around 2364-2365 and it is building a short term down trend on H1 chart.

However, gold is building its strong support around 2316-2322 and it has hold the 2316-2322 support zone even though the U.S Dollar has been strong after CPI and FOMC.

The 2316-2322 is the key zone to watch for today New York trading session. If gold breaks the 2316-2322, it will be sold off to 2300-2302 (pls view the H4 chart above).

The 2351-2353 is a key zone to watch for gold long term up trend continuation. If gold is above to trade above the 2351-2353, it will go up to 2364-2365 or 2395-2400.

Bellow is $4200 profit Gold SELL Signal 2164 to prepare for CPI report, April 10 2024.

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