Gold: Key CPI Report and the Critical $2,700 Resistance**
Contrary to the previous analysis, gold posted a significant rally, reaching around $2,700. Two scenarios are under consideration for its next move. The first involves a continuation of the rally, which requires breaking the $2,700 resistance and consolidating above it, a level gold has failed to surpass three times. The second scenario suggests completing a corrective wave in response to the $2,700 resistance.
It is advisable to wait for the release of the U.S. inflation report and assess gold's reaction to this critical resistance before entering a trade.
It is advisable to wait for the release of the U.S. inflation report and assess gold's reaction to this critical resistance before entering a trade.
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