CPI rose 0.1% in August and 8.3% from a year earlier. Gold futures were down 1.5%, hitting their lowest level in a week.
Gold tends to react negatively to interest rate hikes, and this trend looks like it will continue when the Fed meets again in a week.
On the global chart, we see an attempted test of the 1677 liquidity zone, the price fails to reach the important zone by a few dozen pips and forms a pullback. As a result of the news, the price might reach the support – regest to the important zone, but we can assume that the price might reach the 1677 zone soon.
I assume that in the long term gold can test the liquidity zone 1677 and make a false break, after capturing the liquidity to form a strong upward impulse.
If you prefer automatic trading you should check my Gold trading EA for MT4 which made 650$ return this week!
Forex Scouts Gold V9 EA is developed based on gold market research for many years.
However, the field is always changing, and there is no such thing as a saint that will help you win in this market forever.
This automated strategy is your eat fast, withdraw fast.