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SpanishGold Back Above $2,000 mark, U.S. Inflation Results in Focus; March 10, 2022
U.S. CPI & Core CPI Results
Let’s start again with key U.S. Economic Indicators as Russia – Ukraine show is going a bit longer than expected. Everyone knows that Russia is capable enough to take any bigger sten against Ukraine but Russia is going gradually. It simply means that Russia is not at all worry about any sanctions putting against it by any country. It will likely to keep the words said and continues to invade Ukraine at any cost.
Today U.S. will release CPI data at 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. 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:
Feb 10:
Jan 12:
Technical View:
XAU/USD (Gold):
- Gold strengthens on Thursday and remains well supported around $2,000 mark.
- Today pair made intraday high at $2,007 and low at $1,970 mark.
- A triple EMA on a day chart is up and H1 chart suggests bearish trend for the time being.
- A sustained close above $2,017 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,970 on H1 chart will check further supports.
| SUPPORTS | RESISTANCES |
| $$1,970 | $2,017 |
| $1,962 | $2,026 |
| $1,955 | $2,032 |
| $1,948 | $2,038 |
| $1,940 | $2,044 |
Take a look and do trade wisely!
Good Luck
