XAUUSD: What’s Next for Gold After Tuesday’s CPI Surprise?

by Justin Bennett  · 

February 14, 2024

by Justin Bennett  · 

February 14, 2024

by Justin Bennett  · 

February 14, 2024

Gold (XAUUSD) dropped aggressively during Tuesday’s hot US CPI print from a resistance area we discussed last weekend.

So, what’s next for gold?

In today’s video, I discuss what Tuesday’s selloff means for XAUUSD, including the key levels to watch and a potential target.

Let’s get started!

Gold has performed well for us this week, selling off from the area I mentioned in Saturday’s forecast video.

As outlined on Saturday, I was waiting for Monday’s close to confirm or negate the slight breakdown on Friday.

Monday’s session closed below $2,027, which was the green light to look for shorts.

Tuesday’s session then tested the $2,030 area as new resistance going into the highly-anticipated US Consumer Price Index (CPI) numbers.

With XAUUSD trading below the January low at $2,000, that area is now resistance.

Key support for gold comes in at $1,975, with a sustained break below that exposing the November 2023 lows at $1,930.

Alternatively, a sustained break above the $2,000 region would be short-term bullish for XAUUSD, reexposing the October trend line near $2,030.

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