Technical analysis by fxwithkay about Symbol PAXG: Sell recommendation (10/10/2024)

Given the potential impact of today's CPI release, my bias leans slightly towards sell for XAU/USD, assuming the CPI comes in higher than expected, which would likely strengthen the U.S. dollar and increase the likelihood of further rate hikes from the Federal Reserve. This scenario would put downward pressure on gold prices.However, if the CPI data comes in lower than expected, indicating inflation is cooling, I would switch to a buy bias, as a weaker dollar and reduced rate hike expectations would likely push XAU/USD higher.Look for Entries, in the New York Session