Monday, July 15 - The dollar index hovered within a narrow range, ultimately closing above the 98 threshold. Spot gold opened higher but retreated throughout the session, surrendering all intraday gains after hitting a three-week peak and ultimately testing lows near 3340.
The 4-hour chart reveals: - Despite rebounding from the 3340 level in early trading and currently holding above 3350 - Significant resistance persists near 3360 - Today's CPI release introduces potential volatility
Pre-CPI trading may consolidate within the 3340-3360 band. Conversely, a decisive break below 3340 could trigger further declines toward 3330.
Bigger picture analysis: - The 3330 zone marks the Wave 1 peak - The current pullback from 3375 represents a Wave 4 retracement - This implies potential for gold to retreat toward 3330
Trading strategy considerations: - Monitor the 3360 level closely - If gold fails to hold above 3360 during European trading, consider short positions targeting 3340-3330 - Post-US CPI data, if gold stabilizes above 3330, long positions may become viable
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