Market Overview
Gold is currently testing the key 2883 support level, bouncing 10 points during the Asian session, as traders prepare for today’s high-impact US CPI release during the New York session.
With inflation data set to shake the markets, today’s price action could decide whether gold continues its bullish rally or faces another major rejection at resistance levels.
Key Fundamental Drivers:
Fed’s stance: No urgency for rate cuts, keeping the market in uncertainty.
DXY & Bond Yields: US Dollar Index (DXY) weakening, 10-year Treasury yields steady at 4.52%.
Stock Market: Risk-off sentiment returns as traders wait for key inflation figures.
CPI Expectations:
Headline CPI (YoY): Forecasted +2.9%
Core CPI (YoY): Forecasted +3.1%
Will gold finally break out, or are we set for another sharp reversal?
Key Technical Levels to Watch
Resistance Zones:
2906 – 2915 – 2926 – 2942
Support Zones:
2884 – 2870 – 2860 – 2840
A decisive move above 2910 could send gold toward 2926, while failure to hold above 2883 may lead to a retest of 2860.
GOLD Trading Plan for Today
SELL ZONE (Key Resistance for Shorts)
Entry: 2926 – 2928
SL: 2932
TP: 2922 – 2918 – 2914 – 2910 – 2905 – 2900
SELL SCALP (Short-term Sell Setup)
Entry: 2915 – 2917
SL: 2921
TP: 2910 – 2905 – 2900 – 2896 – 2890
🟢 BUY ZONE (Key Support for Longs)
Entry: 2840 – 2838
SL: 2834
TP: 2845 – 2850 – 2854 – 2858 – 2862 – 2866 – 2870
🟢 BUY SCALP (Short-term Buy Setup)
Entry: 2862 – 2860
SL: 2856
TP: 2866 – 2870 – 2875 – 2880
Watch price action around 2910 closely before entering trades!
Risk Management & Key Considerations
Strictly follow TP/SL to manage risk in a volatile market.
Monitor DXY and Treasury yields for confirmation of gold’s trend.
Expect high volatility after CPI – adjust position sizing accordingly.
Breakout or Rejection? Where do you think gold is heading? Drop your thoughts below!