We have a very important piece of data today which is core CPI, this number generally has a knock on affect on XAU price because Gold is used as a hedge against inflation but it also has an impact on interest rate expectations.
Since the market is now trading with high volatility and EUR/USD and 10 Yr Note are in a short term bullish mode (EUR/USD with a strong bullish bias) I would not expect a quick reversal on XAU unless EUR/USD was sold off on news so I´m not opening a position before the news, be careful because market is bullish and a reversal is not easy to predict at this time.
Disclosure: I will try to sell the rally on the news with a tight 40 pips SL. If 1290 is broken to the upside I would better stay away until the daily close.
Since the market is now trading with high volatility and EUR/USD and 10 Yr Note are in a short term bullish mode (EUR/USD with a strong bullish bias) I would not expect a quick reversal on XAU unless EUR/USD was sold off on news so I´m not opening a position before the news, be careful because market is bullish and a reversal is not easy to predict at this time.
Disclosure: I will try to sell the rally on the news with a tight 40 pips SL. If 1290 is broken to the upside I would better stay away until the daily close.
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