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SpanishGold Moves in Stiff Boundaries Ahead of U.S. Inflation data, $10+ Volatility Likely; Feb 10, 2022
U.S. CPI, Core CPI data
Today U.S. has shceduled to relase U.S. CPI and Core 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:
Jan 12:
Dec 10:
Technical View:
XAU/USD (Gold):
- The Gold moves rigid boundaries ahead of U.S. Inflation data and trading around $1,830 mark.
- Today pair made intraday high at $1,836 and low at $1,830 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,836 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,824 on H1 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,826 | $1,837 |
| $1,821 | $1,844 |
| $1,816 | $1,848 |
| $1,811 | $1,854 |
| $1,806 | $1,858 |
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