Intraday Analysis (11 Jan 2023)
Will be adapting to bullish sentiment as of now until we see a shift of structure or a shift in fundamentals. CPI data will be released tmrw which will definitely shift the direction for gold. As of today , price is in a choppy zone as expected as we are at a weekly timeframe.
If CPI prints above previous it shows that inflation is still high and there will be more rate hikes to come. That will be detrimental to gold and the dollar will gain strength. Vice versa.
Will be adapting to bullish sentiment as of now until we see a shift of structure or a shift in fundamentals. CPI data will be released tmrw which will definitely shift the direction for gold. As of today , price is in a choppy zone as expected as we are at a weekly timeframe.
If CPI prints above previous it shows that inflation is still high and there will be more rate hikes to come. That will be detrimental to gold and the dollar will gain strength. Vice versa.