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Gold showed a minor sell-off after mixed US CPI data. It hits a low of $2502.29 at the time of writing and is currently trading around $2512.
|
Time (GMT) |
Currency |
Event |
Actual |
Forecast |
Previous |
|
12:30 pm |
US |
CPI y/y |
2.5% |
2.6% |
2.9% |
|
|
|
Core CPI y/y |
3.2% |
3.2% |
3.2% |
|
|
|
CPI m/m |
0.20% |
0.20% |
0 |
|
|
|
Core CPI m//m |
0.30% |
|
0.20% |
The yellow metal is trading above 34 and below 55 H EMA in the 4-hour chart ($2507 and $2505). Intraday weakness can be seen only if it breaks below $2485. A break below targets $2470/$2450 is possible.
US dollar index- It gained more than 40 pips after the data. Any close above 102 confirms minor bullishness.
The yellow metal faces minor resistance around $2515, a breach above will take it to the next level of $2525/$2530.
It is good to buy on dips around $2494-95 with SL around $2485 for a TP of $2527.
