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