The price of GOLD is approaching the 2021 lows. Will the price break through those lows or find support?
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The price of Gold remains bearish as the latest CPI data fails to show the recent rate hikes from the Fed are working. This will likely force the Federal Reserve into hiking rates more aggressively. Recent history has shown us this will have a negative effect on the price of Gold which could see the price break through the major range lows.
On the chart the price is falling towards the key lows which is likely to break if the fundamentals continue this narrative. A break of these lows could see the price fall further with opportunities on trend pullbacks. If the price was to break and retest the range lows we could look to identify selling opportunities around this area.
Did you see our USDJPY Analysis? You can see it here.
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