Hello everyone! Gold today continues to trade below 1910 USD, down about 5 USD compared to the previous trading session. The main reason may come from last month's consumer price index (CPI) being higher than expected. This August CPI in the US increased 3.7% over the same period last year and core CPI increased 4.3% during that time, causing gold prices to fall.
Looking at Gold's technical picture on the 4-hour chart, we can see that the pair has returned to the expected short-term bearish support line.
Given that the trend line remains intact as a rule, we must stick to the script and aim lower. That means we will execute that plan. If that happens, it is likely to reach the 1890 level. More buyers may be invited to participate.
Looking at Gold's technical picture on the 4-hour chart, we can see that the pair has returned to the expected short-term bearish support line.
Given that the trend line remains intact as a rule, we must stick to the script and aim lower. That means we will execute that plan. If that happens, it is likely to reach the 1890 level. More buyers may be invited to participate.
