Gold remains bearish. Here is my trading plan

The most awaited FOMC minutes yesterday proved to be a nonevent with the Gold price remaining in the familiar range started on Monday.
However, today's CPI could provide a trigger and more volatility.
Gold's structure remains technically bearish, with the price under the channel's trend line resistance and important 1680 zone.
My target for Gold's price remains towards recent lows and at this moment I work with 2 bearish scenarios:

1. A spike above 1680 followed by a down continuation
2. A direct break of recent range's support followed by a down continuation

In both cases, a negation comes with a daily close above 1700.

评论:

Gold dropped as predicted and touched the first support zone above 1640.
I expect more weakness and rallies should be sold IMO