27th January Gold Outlook: From $1935 to $1900 and Then $1972 .?
As Market awaits Core PCE Index numbers which is widely used by Fed as a tool to gauge inflation, Gold consolidates on upper flanks of the minor range of $1932-$1918
Probable Impact of PCE Index Data on Gold:
If both MoM and YoY numbers come lower than consensus, Dollar can weaken and Gold can move higher.
If both numbers come higher than consensus, Dollar can gain strength and Gold may start to decline.
Potential Upside Targets : $1950 & $1972
Potential Downside Target : $1910 & $1900
1. Short Scenario : Sell Between $1932-$1936
SL : $1946
Take Profit: $1910 & $1900
2. Long Scenario : Buy Between $1905-$1900
SL : $1880
Take Profit: $1920-$1932-$1946-$1972
This is a long Term Scenario.
Note: This projection is based on Price Action and does not purport to be a Trading Advice.
Probable Impact of PCE Index Data on Gold:
If both MoM and YoY numbers come lower than consensus, Dollar can weaken and Gold can move higher.
If both numbers come higher than consensus, Dollar can gain strength and Gold may start to decline.
Potential Upside Targets : $1950 & $1972
Potential Downside Target : $1910 & $1900
1. Short Scenario : Sell Between $1932-$1936
SL : $1946
Take Profit: $1910 & $1900
2. Long Scenario : Buy Between $1905-$1900
SL : $1880
Take Profit: $1920-$1932-$1946-$1972
This is a long Term Scenario.
Note: This projection is based on Price Action and does not purport to be a Trading Advice.
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