Will the US CPI inflation data determine a new direction for Gold Prices?

Gold attempts to inch closer to yesterday's high of $2922 but strong resistance zone of $2925-$2930 lies ahead. Investors are focusing on CPI data release which is highly likely to impact Fed's decision in its upcoming meeting on policy rate. Meanwhile US Dollar recovering from an oversold territory of October's low is acting as a sign of caution. The yellow metal could draw support from a lesser than forecasted CPI number and Trump's protectionary tariff measures as he continues to threaten to impose heavy duties on USA's major trading partners including Japan, Canada, Mexico and China. 

XAU/USD TECHNICAL ANALYSIS

Gold Structure: Tweezer Bottom on Daily(In Sideways Trend), Doji on 4hr, Below 20SMA on 1hr.

Intraday Strategy/ Intraday Trend: Buy on Supports, Sell on Resistance/ Neutral

Weekly Trend: Neutral to Bullish

Major Resistance: 2922, 2930, 2934

Major Support: 2911, 2906, 2894

Recent News

GBP/JPY surged past 194.00 mark , next h...

March 25, 2025

Market Insights

Dow Jones Forms Bearish Head and Shoulde...

June 02, 2025

Market Insights

GBPUSD making a wedge pattern

December 10, 2024

Market Insights

DOW JONES making a Wedge pattern on dail...

March 19, 2025

Market Insights

Inverted Head & Shoulders pattern emerge...

June 02, 2025

Market Insights

DOW JONES making a bullish flag in 1Hr t...

June 16, 2025

Market Insights

Ana

Cross-Asset Analyst & Trainer

Varun Sharma

Senior Strategist

VJ Yadav

FX Strategist

Bot Window | Bot Window