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In yesterday’s article, the primary focus was on the impact that the upcoming CPI report would have on multiple financial sectors including gold and the dollar. We spoke about a single Japanese candlestick, a “doji” which occurred yesterday in the daily Japanese candlestick chart of gold futures, and on Friday in the dollar index. A doji occurs when the open and closing prices are identical or a few ticks apart during a trading session.
Because the forecast for the upcoming CPI reflected that inflation would continue to run hot the identification of a doji candle identified in the dollar index on Friday, and gold yesterday were significant because they can be a signal of an imminent key reversal. Because the report revealed inflation was running even hotter than the forecast by economists’ gold dropped significantly because the report raised questions about whether the Federal Reserve would initiate its first rate cut by June. This also caused the dollar to trade higher, as a byproduct of treasury yields increasing.
A doji candlestick was identified on a daily chart of the dollar index on Friday. Yesterday we identified a Japanese candlestick pattern called a “three river morning star”.
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