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
EUR/USD stays pressured toward 1.0800 am...
March 21, 2025
Market Insights
Dow Jones Industrial Average recovers fr...
November 20, 2024
Live Charts
Gold Price Rebound Stalls Below Key Resi...
May 13, 2025
Market Insights
Dow Jones Day's Analysis
October 11, 2024
Market Insights
Dow Jones Breaks Out of Bullish Flag For...
May 20, 2025
Market Insights
Head & Shoulder pattern alert on Gold: t...
April 25, 2025
Market Insights