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SpanishGold Trades Marginally Lower Ahead of U.S. CPI Results, $15+ Volatility Likely in Gold; Jan 12, 2022
U.S. CPI & Core CPI Results
Today the key indicator from the U.S. will be U.S. CPI as well as core CPI results scheduled at 1330 GMT/1900 IST. The average price of various goods and services are sampled and then compared to the previous sampling. 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:
Dec 10:
Nov 10:
Technical View:
XAU/USD (Gold):
- The Gold trades marginally lower on Wednesday and remains well supported below $1,820 mark.
- Today pair made intraday high at $1,822 and low at $1,814 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,823 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,812 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,811 | $1,827 |
| $1,806 | $1,832 |
| $1,800 | $1,838 |
| $1,794 | $1,844 |
| $1,787 | $1,849 |
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