update on the gold long trade
As expected, price broke through the 2000 resistance level and retested that range before finding fresh buyers to push price higher.
bullish momentum still seems to be in play as investors look ahead to the upcoming CPI report. A higher than expected reading could lead to the FED raising rates by another 25bp which would mean higher borrowing costs and a possible push to the downside in the pair while a lower than expected reading could have the opposite effect and push prices above 2033.
bullish momentum still seems to be in play as investors look ahead to the upcoming CPI report. A higher than expected reading could lead to the FED raising rates by another 25bp which would mean higher borrowing costs and a possible push to the downside in the pair while a lower than expected reading could have the opposite effect and push prices above 2033.
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