How Low Will Gold Get? Trader Called Price Moves, Reveals The Bottom | Gary Wagner
Speakers
Gary Wagner
— Editor, TheGoldForecast.com
Summary
Gary Wagner, editor of TheGoldForecast.com, analyzes gold's technical picture following a cooler CPI print. He sees a tentative base around $4,000, discusses key resistance levels, and gives a cautious short-term bullish view while awaiting confirmation above $4,190.
- Gold is forming a double bottom near $4,000 psychological and technical support.
- Cooler-than-expected CPI data (3.5% vs 3.8% expected) sparked a risk-on rally including gold.
- Geopolitical tensions with Iran remain a bullish wildcard for gold.
- Key near-term resistance sits around $4,080, with major resistance at $4,190.
- A break above $4,190 would be needed to confirm an end to the multi-month correction.
- Short-term, Gary expects gold to track higher; not a time to be bearish or sell.
- Crude oil is ticking up from a recent bottom, posing upside risk to inflation.
Ideas
Gold support at $4,000, short-term higher.
Gold has formed a tentative base around $4,000 with a double bottom, CPI data came in cooler supporting a risk-on rally, and short-term gold is expected to track higher. The series of lower highs and lower lows has paused at this psychological and technical support, and it is not time to be bearish or selling. A break above $4,190 would confirm the correction is over and signal a return to a bullish trend.
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Speakers: Gary Wagner · Tickers: GLD