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SpanishGold Back Above $1,790 mark ahead of U.S. CPI Results, $20+ Volatility Likely in Gold; Aug 10, 2022
U.S. CPI & Core CPI data
The one of the most waited indicator of the week and that is U.S. CPI, Core CPI data scheduled 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.
Let’s see how Gold has reacted during the previous data release:
July 13:
June 10:
Technical View:
XAU/USD (Gold):
- Gold rises slightly ahead of U.S. Inflation data and jumps back above $1,790 mark.
- The pair made intraday high at $1,795 and Low at $1,787 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,798 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,786 on H1 chart will test further supports.
|
Supports
|
Resistances
|
|
$1,786
|
$1,802
|
|
$1,782
|
$1,808
|
|
$1,776
|
$1,815
|
|
$1,770
|
$1,821
|
|
$1,764
|
$1,827
|
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