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
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.