Gold XAUUSD Chart Technical Outlook has room for further losses, eyeing the US CPI data
Gold is printing a bearish three-wave corrective structure, and the third leg is in play to the downside. There is room for further losses toward the support zone of $2,577 and $2,527 (50% and 61.8% Fibo retracement levels. Resistances are seen at $2,625 and $2,665. Today’s US CPI can trigger a dip toward the support levels if the figures exceed the forecast. In the other scenario of having figures below the forecast, prices would rally temporarily to the mentioned resistance levels before resuming lower afterward.
