In the European market on Tuesday, the U.S. dollar index remained near 105.60; spot gold prices were trading around $1,946 per ounce. On this trading day, investors will focus on the US CPI data, which is expected to trigger major market movements.
Gold prices rose significantly on the previous trading day after finding solid support at $1,933.30 per ounce, and tested the small resistance at $1,943.00 per ounce. However, we noticed that the stochastic indicator has obviously lost its positive momentum and is now beginning to send negative signals. This forms a bearish momentum and prompts us to expect gold prices to show a bearish trend in the next few trading days. We are currently waiting for gold prices to test $1933.30 per ounce again. If it falls below this level, it will push gold prices down to the next major target of $1909.80 per ounce. The 50-period EMA continues to support the bearish trend in gold prices.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.