XAUUSD Price Action Breakdown 2/10/22

Gold is currently range leading up to the CPI news at 8:30. Not sure how this news will affect price but it looks like the bears are ready to take control. We will see what happens at market open.

1. Price broke from consolidation
2. Price formed a new high
3. Resistance has formed here, and price rejected
4. Support has begun to form at the level price recently broke out from
5. If price begins to break the lows, it can possibly retest 1826.30
6. If price gains momentum from CPI news and breaks resistance it can continue to 1842.25