Gold Price Forecast: XAU/USD bears take on bulls below key daily resistance – by fx_ross Gold Currencies DollarIndex Fed CPI
The US CPI leaves the door open for aggressive tightening by the Fed.was pressured on Tuesday and has fallen by over 1.3% on the day. At the time of writing, the yellow metal is testing the $1,700 level and has reached a low of $1,697.11 so far on the day. Consumer prices handily beat expectations according to the Labor Department report, underlying inflation picked up amid rising costs for rents and healthcare.
The dollar and bond yields both rose following the release of the data, on expectations higher interest rates are on the way, bearish for gold since it offers no yield. The DXY index, a measure of the US dollar vs. a basket of currencies rallied to a high of 109.853 while the yield on the US 10-year note rose to 3.460%, over 1.8% higher on the day.
Zooming out, we can see that the downside target has been a key level for a considerable amount of time: If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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