Gold Slightly Lower Ahead of U.S. Inflation Results, $16+ Volatility Likely; Sept 14, 2021
U.S. CPI & Core CPI Data
The only key indicator from the U.S. will be U.S. Inflation data (CPI, Core CPI) 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:
Aug 11:
July 13:
Technical View:
XAU/USD:
- Gold trades marginally lower ahead of U.S. Inflation Results and trading around $1,790 mark.
- Today pair made intraday high at $1,794 and low at $1,788 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,796 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,786 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,787 | $1,796 |
| $1,782 | $1,802 |
| $1,776 | $1,808 |
| $1,771 | $1,812 |
| $1,765 | $1,828 |
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