Gold is still trading within the range 1940s - 1985 and tried to break above 1980 as investors are still looking for safe heaven demand and we had lower volume and volatility this week so far,
We have many key import data release today, Gold nearing the 2000's again, which is a key rejection zone from the last weeks and years gold rejected multiple time from here,
Key economic events today on focus.
> Personal Income MoM (previous 0.69%, consensus 0.29%).
> Personal spending MOM (previous 1.8%, consensus 0.396).
> Core PCE price index MoM (previous 0.69%, consensus 0.4%). This is the main focus.
If data comes out as or above previous this will lead to DXY strength and Gold bears.
> Chicago PMI (previous 43.6, consensus 43.4). Reading overall in weak territory. Will not hold too much weight if it comes out near consensus.
> Michigan Consumer sentiment Final (previous 67, consensus 63.2).
> Fed Williams speech (21:05 CET). > Fed Cook and Fed Waller speeches (23:45 CET).
Trade ideas for gold today.
Gold buys if holds above 1980 and break above 1988.5.
Looking to sell on break below 1972 & 1965.
high risk high reward sells around 2008-2010 ( been the rejection zone since for a long time)
high risk high reward buys around @ 1960 -1962
We have many key import data release today, Gold nearing the 2000's again, which is a key rejection zone from the last weeks and years gold rejected multiple time from here,
Key economic events today on focus.
> Personal Income MoM (previous 0.69%, consensus 0.29%).
> Personal spending MOM (previous 1.8%, consensus 0.396).
> Core PCE price index MoM (previous 0.69%, consensus 0.4%). This is the main focus.
If data comes out as or above previous this will lead to DXY strength and Gold bears.
> Chicago PMI (previous 43.6, consensus 43.4). Reading overall in weak territory. Will not hold too much weight if it comes out near consensus.
> Michigan Consumer sentiment Final (previous 67, consensus 63.2).
> Fed Williams speech (21:05 CET). > Fed Cook and Fed Waller speeches (23:45 CET).
Trade ideas for gold today.
Gold buys if holds above 1980 and break above 1988.5.
Looking to sell on break below 1972 & 1965.
high risk high reward sells around 2008-2010 ( been the rejection zone since for a long time)
high risk high reward buys around @ 1960 -1962