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Gold Eyes U.S. CPI Data

Published 01/12/2023, 02:27 AM
Updated 07/09/2023, 06:31 AM
XAU/USD
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GC
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Gold's price action is going to be highly sensitive today as traders are primarily focused on the US CPI number. A satisfactory inflation number could really change gears for the bull rally that we are currently experiencing for the shifting rally.

A number that satisfies the Fed and the market players today could easily push the yellow to begin its flirting not only with the 1,900 price mark but may push the price above the 2,000 price level.

However, if we see unsatisfying data, expect a violent price action for the gold price, which means that we could easily see the price re-testing the support of 1,800 today.

Gold Daily Chart

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