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SpanishBe Watchful Ahead of U.S. CPI Data, $15+ Volatility Likely in Gold; July 13, 2021
How to trade gold during U.S. Inflation Results?
Today U.S. will release CPI and Core CPI results at 1230 GMT/1800 IST. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the Central Bank to raise interest rates out of respect for their inflation containment mandate. Here the average price of various goods and services are sampled and then compared to the previous sampling. If the ‘Actual’ results come greater than ‘Forecast’, it is good for U.S. dollar.
Let’s see how Gold has reacted during the previous data release:
June 10:
May 12:
Technical View:
XAU/USD (Gold):
- The gold moves in stiff boundaries on Tuesday and hovers around $1,810 mark.
- The pair made intraday high at $1,812 and low at $1,805 mark.
- Currently, a day chart is bearish but H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,812 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,802 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,802 | $1,815 |
| $1,794 | $1,821 |
| $1,789 | $1,827 |
| $1,784 | $1,832 |
| $1,776 | $1,837 |
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills