The gold market formed the range zone, and most likely we'll see more sideways moves. I think the market may stay in the range zone, even though the price rejected the resistance zone. Overall, I expect a choppy market. On the daily timeframe, price action formed an inside bar pattern, which suggests that we might see a ranging market between 2195 and 2154. I think the market will react to upcoming news by creating a long-tailed bar and rejecting the resistance zone. My goal is the previous support level at 2163.000 if the market rejects the resistance by making a fake breakout.
📊QUICK FUNDAMENTAL LOOK
Metal prices are mixed with base metals gaining but gold shedding some of its recent gains, as investors' nerves weigh ahead of the U.S. CPI data release. Gold futures are down 0.2% at $2,183.3 a troy ounce.
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