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XAUUSD: Gold Prices Were More Cautious on the Night of Focus on Inflation
Summary:
Before the release of the US CPI data for January at 9:30 tonight, the market trading will remain cautious, which is suitable for high-throwing and bargain hunting.
CLOSED
1863.00
ENTRY
1825.00
TGT
1890.00
SL
1962.05 -3.32 -0.16%
2704
Points
Profit
1825.00
TGT
1835.96
CLOSING
1863.00
ENTRY
1890.00
SL
Fundamentals
During the Asian session on Tuesday (February 14th), spot gold fluctuated slightly and is currently trading at $1860/oz. The dollar index and U.S. Treasury yields extended their overnight declines, providing support to gold prices. However, before the release of the US CPI data for January at 9:30 tonight, the overall market trading is more cautious.
Judging from market expectations and the performance of the past several US CPI data, if the US CPI data meets expectations or weakens market expectations, gold prices will be biased to the upside. Conversely, if the CPI data is unexpectedly stronger than market expectations, gold prices will face certain downside risks in the short term.
In addition, several Fed officials are going to speak in the evening, and traders also need to pay attention. If Fed officials continue to make hawkish speeches, it is expected to weigh on gold prices.
Technical Analysis
Trading at the daily chart, MACD maintains the death cross with an expanding open. Although gold prices retreated after being blocked from the previous rebound, they were still supported by the MA5 around 1850. Therefore, the short-term trend was more variable.
Before losing the MA55, there is a chance for short-term gold prices to rebound in shocks, with initial resistance around the MA5 at 1863 and MA10 resistance around 1878. If this level could be recovered, it will add a short-term bullish signal. Further resistance refers to last Thursday's high at the 1890 mark, with strong resistance around the MA20 at 1903. If it breaks further upwards, a bullish signal in the middle line will be added.
Before breaking above the MA10, we also need to watch out for further downside risks for gold prices. If the MA55 is breached, gold could test further support around 1835, which is also near the Dec 27 high, and add to the short-term bearish signal. The Dec 13 high and Jan. 5 low support is around 1825, as is the 38.2% retracement support for the 1615-1960 rally. A further breaking down will strenthen a bearish signal in the middle line. 
Trading Recommendations
Trading Direction: Short
Entry Price: 1863.000
Target Price: 1825.000
Stop Loss: 1890.000
Support: 1860.000/1825.000
Resistance: 1886.000/1900.000
Risk Warnings and Investment Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.
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I worked as an analyst at a well-known forex brokerage firm and have been engaged in the financial industry for 10 years, involving forex, futures and stocks. I'm especially good at analyzing and interpreting the market using fundamental data.
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