Gold gained momentum after weak US Producer Price Index data. US PPI dropped to 0.10% m/m vs. an Estimate of 0.20%. The annual PPI declined to 2.2% in Jul compared to a forecast of 2.3%.
The yellow metal surged to $2476 and is currently trading around $2466. Market eyes US CPI data for further movement.
Any soft CPI will push gold prices higher above $2500.
The annual headline inflation is expected to remain steady at 3%, while core inflation is anticipated to decline to 3.2%.
The near-term resistance is around $2475, any surge past will push the yellow metal to $249/$2500/$2510.
Intraday major support - $2450.
Short-term trend reversal level- $2350.
Minor support- $2420/$2400/$2378.


Wall Street Analysts Weigh in on Latest NFP Data
Trump’s "Shock and Awe" Agenda: Executive Orders from Day One
European Stocks Rally on Chinese Growth and Mining Merger Speculation
Energy Sector Outlook 2025: AI's Role and Market Dynamics
Geopolitical Shocks That Could Reshape Financial Markets in 2025
Lithium Market Poised for Recovery Amid Supply Cuts and Rising Demand
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data
U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift?
China’s Growth Faces Structural Challenges Amid Doubts Over Data
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures
UBS Projects Mixed Market Outlook for 2025 Amid Trump Policy Uncertainty
US Gas Market Poised for Supercycle: Bernstein Analysts
Moldova Criticizes Russia Amid Transdniestria Energy Crisis
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close
Global Markets React to Strong U.S. Jobs Data and Rising Yields
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 



