XAU is waiting for data from today's news
Updated
Traders and investors are awaiting key US inflation data for April released this week including the producer price index (PPI) and consumer price index (CPI). PPI is forecast to increase 0.3% month-over-month, compared to a 0.2% increase in the March report. CPI is forecast to increase 0.4%, compared to the March report which showed a 0.0% increase. 4%. The annual CPI in April is expected to increase 3.6% compared to the 3.8% increase in the March report.
Tim Hayes, chief global investment strategist at Ned Davis Research, says he expects gold prices to eventually surpass last month's record high above $2,448 an ounce, but a breakout may not happen. until the US Federal Reserve (Fed) actually cuts interest rates.
Gold could be especially vulnerable this week as the market focuses on the Consumer Price Index report, Mr. Hayes said. Hotter-than-expected inflation could increase the likelihood that the Fed will keep interest rates high for longer. Although inflation remains high, an increasingly sluggish US labor market and weaker economic activity will prevent the Federal Reserve from raising interest rates.
Tim Hayes, chief global investment strategist at Ned Davis Research, says he expects gold prices to eventually surpass last month's record high above $2,448 an ounce, but a breakout may not happen. until the US Federal Reserve (Fed) actually cuts interest rates.
Gold could be especially vulnerable this week as the market focuses on the Consumer Price Index report, Mr. Hayes said. Hotter-than-expected inflation could increase the likelihood that the Fed will keep interest rates high for longer. Although inflation remains high, an increasingly sluggish US labor market and weaker economic activity will prevent the Federal Reserve from raising interest rates.
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SL: 2334
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