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GOLD The breakout of 2009 will lead the price towards 1997!

The price of gold has dropped from the six-month highs reached at $2,018 at the beginning of Monday's Asian session, consolidating well above the $2,000 threshold in anticipation of a critical week dominated by inflation data from the United States (US) and the Eurozone. Despite market optimism during the Thanksgiving week, risk-off flows returned in Monday's Asian trading, despite China's efforts to stimulate financial support for private enterprises and the improvement in Chinese industrial profit data. Additionally, markets prefer to operate with caution, preparing for the release of the US Federal Reserve's Personal Consumption Expenditures (PCE) Price Index later this week, which could solidify bets on a Fed rate cut in May. Eurozone inflation data will offer new insights into the prospects for the European Central Bank's (ECB) interest rates. Both pieces of data are likely to have a significant impact on the price of gold, an asset that does not generate interest. On the chart, it can be observed that the price has broken a swing high at the 2009 level during the Asian session, and this breakout opens the door to a possible short that could bring the price back to test the supply zone at the 1997 level before moving towards 2020. Therefore, my view for today is bearish. I wish everyone a good trading day. Greetings from Nicola.