Gold Corrects as Market Awaits US Inflation Data
Gold prices are currently undergoing a correction after briefly touching a seven-week high, as market participants engage in profit-taking while awaiting US inflation data this week—specifically the CPI on Wednesday and the PPI on Thursday.
From a fundamental perspective, the correction in gold remains limited; the US dollar is hovering near a two-month low, and lower Treasury yields continue to support non-yielding assets like gold. However, if US inflation data comes in hotter than expected, expectations regarding Federal Reserve policy could shift back to a hawkish stance, putting further downward pressure on XAU/USD.
Gold price at the time of this analysis: $4,324
- Buy if the price moves to $4,332
- Sell if the price moves to $4,319
Resistance 2: $4,350
Resistance 1: $4,337
Support 1: $4,311
Support 2: $4,298
Note: This article is analytical in nature and does not constitute definitive advice. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id