GOLD Outlook: Bearish Pressure Expected Ahead of CPI Release

GOLD
Technical Analysis

Today, Gold is expected to experience bearish volatility, primarily influenced by the anticipated CPI results.

The price maintains a bearish outlook as long as it trades below 2612 and 2625, with potential targets at 2587 and, subsequently, 2554 if downward momentum continues.

A bullish reversal would require a break above 2625, which may only be likely if the CPI release is below 2.6%. However, we expect a CPI outcome around 2.9%, indicating higher inflation, which would likely exert negative pressure on Gold.

Key Levels:
Pivot Point: 2612
Support Levels: 2588, 2571, 2554
Resistance Levels: 2625, 2644, 2662

Trend Outlook:
- Bearish while below 2612 and 2625
- Bullish if Break 2625