Gold decoupled from the US Dollar's trajectory on Monday, sinking at the same time as the greenback as investors get set for this week's key event in the US Consumer Price Index. However, if the CPI data were to be a dovish outcome, then the Gold price stands to benefit and should the bears be in the market heading into the data, a short squeeze could eventuate as illustrated below.
The price is currently on the front side of the bearish trend following the breakout of the symmetrical triangle on Monday as the following analysis illustrates:
The price is currently on the front side of the bearish trend following the breakout of the symmetrical triangle on Monday. The move was a continuation of shorts from Thursday's sell-off, Day 1 shorts. The market has since picked up more supply and tested down low in the 100 pip box near $1,850.
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