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Gold Breaking Out Of The Wedge Ahead Of U.S. CPI Figures

By Gregor HorvatCommoditiesMar 10, 2021 04:11AM ET
www.investing.com/analysis/gold-breaking-out-of-the-wedge-ahead-of-us-cpi-figures-200566229
Gold Breaking Out Of The Wedge Ahead Of U.S. CPI Figures
By Gregor Horvat   |  Mar 10, 2021 04:11AM ET
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Today traders will focus on gold, USD and US yields due to US 10-year Treasury Auction and US CPI figures. Higher numbers and inflation could mean increasingly higher interest rates and ultimately a Fed policy reaction. In such case gold may rise as a fight against the inflation, but on the other-hand hawkish FED could also be negative for the gold prices as dollar may attract more buyers. So it will be an important today for metals and we may know a lot more after todays closing price.

From a technical perspective we are seeing gold making a very nice move out of a wedge pattern which signals for more upside, maybe even towards 1760 if we consider that completed wedge can take price back to the starting point of the path. If price see a bounce, the real test for bulls would be the upper side of a corrective channel. This one has to be taken out for any important change in trend.

gold mar 10 2021
gold mar 10 2021

Gold Breaking Out Of The Wedge Ahead Of U.S. CPI Figures
 

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Gold Breaking Out Of The Wedge Ahead Of U.S. CPI Figures

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