Be Watchful As U.S. CPI Data Brings $10+ Volatility in Gold, Nov 12, 2020
U.S. CPI & Core CPI Data
U.S. will release CPI, Core CPI data along with unemployment claims weekly data around 1330 GMT/1900 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.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold moves in stiff boundaries and consolidates around $1,870 mark. Today pair made intraday high at $1,873 and low at $1,862 mark. A sustained close above $1,902 requires for the upside rally. On the other side, consistent close below $1,861 will check key supports as well. Key support levels are seen around $1,857, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,892, $1,902, $1,917, $1,922, $1,940, $1,947, $1,967, $1,974, $1,982, $1,991, $1,999 and $2,000 marks respectively.
Take a look and do trade wisely!