Gold is currently testing the key 4,376–4,377 support zone. The next confirmed direction depends on the PPI inflation data and the reaction of the US Dollar Index (DXY).
Bullish scenario
Weaker-than-expected PPI → DXY may weaken.
Gold must reclaim and break 4,444.
After a successful retest, the upside target is approximately 4,484.
Bullish setup becomes invalid below roughly 4,422.
Bearish scenario
Stronger-than-expected PPI → DXY may strengthen.
Gold must close below 4,376 and retest the zone as resistance.
Confirmed rejection can extend the decline toward 4,341.
Bearish setup becomes invalid above roughly 4,396.
Major correction in the chart:
The bottom text should say:
IF NEWS POSITIVE → DXY STRONGER → GOLD SELL
Also, the heading should be “Core PPI & PPI News Projection”, not “Core CPI & PPI.”
Avoid entering immediately during the news spike. Wait for the breakout, candle close, retest and confirmation
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.