XAUUSD IDEA - 4HR

Following the release of the CPI Data, Gold dipped from around 1680-82 to the strong pivot of around 1642. However, as all the market financials reversed in a rally that recovered all the losses/gains, Gold appeared to have made a .786 retracement to around 1672. The yellow has since maintained its downward trend back to 1663.

If 1660-63 fails to offer the necessary support, the downward moment will continue towards 1615. A break below this zone will introduce the market to multi-year lows of 1500s.