Today’s main gold price test: $5,150.

The current US CPI data is a crucial short-term turning point for the market.

After the data was released, market expectations for the Federal Reserve’s first interest rate cut were postponed from June to July.

Although the inflation data did not worsen as expected, this is not good news for markets hungry for interest rate cuts.

Market expectations for a delay in interest rate cuts have added to pressure on gold prices.

Here are the major support levels:

The first support area: $5150-5170.

Basic support area: $5110-5125.

If the price falls below $5,150, this area will serve as a crucial buying pivot and the last line of defense for buyers.

Strong Support: $5,065.

Here are the major resistance levels:

First resistance zone: $5200-5210.

Reaching the $5,200 level is the first step towards regaining investor confidence. Key resistance: $5230-5250.

This represents a strong resistance level that we have highlighted many times. Given the delay in rate cut expectations, a break above this level will be more difficult in the short term.

Trading strategy:

Buy at key support levels.

Entry point: If gold prices begin to stabilize in the $5150-5170 range, it is recommended to open a small buying position.

Stop Loss: Below $5140.

Target: Initial target is around $5,200. If this level is broken and sustained, the next target is $5,230.

Sell ​​at key resistance levels:

Entry point: If gold prices rebound to the $5230-5250 range and the upward momentum weakens, it is recommended to open a small selling position.

Stop Loss: Above $5260.

Target price: $5,200. If the price falls below this level, the next price target would be $5,170.

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