Gold breaks out and strengthens to 2021. Before the CPI data release, the futures form a technical pullback to the key support level of 2010. What to expect from the price today?
Investors are expecting more positive CPI data than last period, hence, it is positive news for the dollar index. The gold might react Bears and pullback to 0.382 Fibo (level 2000).
But, in the mid-term we have a strong bullish trend. I think the growth will continue on the background of global fundamentals.
Strong support: 2010 (false-break strategy), 2000 (false-break strategy).
Strong resistance: 2025 (breakout strategy).
I expect a small pullback either to 2010 or to 2000, but with the following continuation of growth to 2025 and 2050.
Investors are expecting more positive CPI data than last period, hence, it is positive news for the dollar index. The gold might react Bears and pullback to 0.382 Fibo (level 2000).
But, in the mid-term we have a strong bullish trend. I think the growth will continue on the background of global fundamentals.
Strong support: 2010 (false-break strategy), 2000 (false-break strategy).
Strong resistance: 2025 (breakout strategy).
I expect a small pullback either to 2010 or to 2000, but with the following continuation of growth to 2025 and 2050.
