On the calendar today is another economic data release from the US !
Today's High Light is the PPI
as usual this is a big mover data, so as any previous big data release.. the market always calm and ranging !
Below is the H1 chart for Gold, the market today is very choppy.. with risk tilt downward (Bearish).
On My Chart Time Frame H1 below the price action is moving downward with possibility of Death Cross, with immediate target of 4674.
Gold has been sideways since last week, which main cause of the Israel Iran War. As We all know the war between Israel and Iran is heavily affecting the oil price, which in turn causing inflation to soar.
This is the crucial moment for Gold because the Fed is planning to reduce interest rate before the war ! But after the war broke out and oil price soaring up, inflation might not return to 2% track, which might delay the interest rates decisions or maybe none at all for this year.
While waiting for the economic data release yesterday, the gold was on defensive.
I did some short trading of GOLD in the TF M15. Gold was on defensive and stays below 50 SMA on M15 chart, but around midnight Gold buyers are comeback and try to control the pace.
Even though the trend on H1 chart shows Gold is bullish, but from M15 the gold price action is stays below 50 SMA, therefore it is not wise to Buy Gold at current market condition.
Most of the trade yesterday was Sell trade, above are the record of yesterday trades position and below is the table of the trade results.
Gold trading is a very fast and risky, When trading Gold focus and patience is a must !
Gold is heading for a big move tonight with Big economy data release !
Here is the economic calendar for tonight. US ADP employment and Core Inflation is the main highlight for the night !
As usually before any big move or any big economic data release, market will run in into consolidations because a lot of market player are in wait and see status.
But The Big picture is Gold is on the bullish Course, Which is also affected by the US and Iran war current status (As of for now is on truce !)
The best actions is to wait and see and enter the market after economic data release, and trade on the retracement, this way you'll get better position and any possible whipsaw moves during the data release.