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FxWirePro- Woodies pivot (Major) 
 - EconoTimes)
Gold jumped sharply and hit a fresh all-time high of $2542.17 after ECB monetary policy. It hits a low of $2502.29. It is currently trading at around $2538.
ECB cuts rates by 25 bpbs as widely expected. The central bank projects inflation higher to 2.9% in 2024 and growth revised down to 0.8% in 2024.
|
Time (GMT) |
Currency |
Event |
Actual |
Forecast |
Previous |
|
12:30 pm |
US |
PPI y/y |
1.7% |
1.8% |
2.2% |
|
|
|
Core PPI y/y |
2.4% |
2.5% |
2.4% |
|
|
|
PPI m/m |
0.20% |
0.10% |
0% |
|
|
|
Core PPI m//m |
0.30% |
0.20% |
0% |
|
|
US |
Unemployment claims |
230K |
227K |
228K |
The yellow metal is trading above 34 and below 55 H EMA in the 4-hour chart ($2509 and $2507.94). Intraday weakness can be seen only if it breaks below $2485. A break below targets $2470/$2450 is possible.
US dollar index- It showed a minor dip of 30 pips after the data. Any close above 102 confirms minor bullishness.
The yellow metal faces minor resistance around $2545, a breach above will take it to the next level of $2557/$2575.
It is good to buy on dips around $2527-28 with SL around $2515 for a TP of $2557.
