The CPI report came in inflation-hot and this is triggering a trading buy signal for gold as it heads higher.
Gold is breaking out of a triangle and bullish follow through is being seen this morning.
As well, momentum is building and this looks like a “take off” zone for the start of the next trading leg higher.
We have an MFU-3 price target at $2050. If we see two closes over this level, then we may be headed to the MFU-4 target at $2177. That said, commodities are volatile so set your stops.
Twitter: @GuyCerundolo
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
