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.
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