GOLD → ATH retest before CPI. What should we expect?
XAUUSD is defending the psychological level and support zone at 2450 and testing key resistance at 2477 for a breakout, ahead of 2483. All eyes are on key US CPI inflation data
Traders are still expecting a softer CPI report after a larger than expected decline in PPI data released yesterday. A softer CPI figure may confirm forecasts of an aggressive Fed rate cut, which will intensify the USD sell-off. This situation may trigger a northward movement in gold (strengthening the price)
In addition, the price of gold continues to find support in the geopolitical tensions in the Middle East, the situation is still heated to the limit.
Technically, the price continues to head towards 2477-2483. Retests of resistance for a breakout of the level continue.
Resistance levels: 2477, 2483, 2500
Support levels: 2458, 2450
On high news volatility, the price may form a quick breakout and rally or long-squeeze before rising further. BUT, unpredictable news may break the market structure, in which case the price may head beyond 2450.
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