Gold prices slipped below a key support level in Asian trade on Wednesday after a hotter-than-expected inflation reading for January spurred more fears that the Federal Reserve will keep rates higher for longer. It saw extended losses after spot prices slid below the closely-watched $2,000 an ounce support on Tuesday, with analysts warning of more potential declines after the loss of the key support level. But before slip down we can see a correction up to 2005
CURRENTLY GOLD IS MOVING ON DOWN TREND.
Expecting correction up to 2004.05
Today’s important levels for trading are 2020.04, 2004.23, 1977.00 and 1961.19
Trading idea for today: Sell On Rise
Trade setup:
Looking pullback Sell around@2003.50 Higher Sell around@ 2010.50
Safe swing sell below 1987.50
Safe swing buy above 2013.50
Important Event : No Events Today
Remark: This market analysis is published to increase your awareness, but not to give instructions to make a trade.