Gold Price Forecast: XAUUSD moves to the backside of of the bull micro trend – by fx_ross Gold DollarIndex Currencies XAUUSD
Bears are lurking at critical resistance as Monday establishes a fresh corrective high.
Despite a firmer US Dollar, the Gold price edged higher on Monday to a fresh three-month high even as US yields moved higher following Friday's US Consumer Price Index miss vs. the expectations. The yellow metal continues to garner demand based on traders betting that the Federal Reserve would ease off on big interest rate hikes following Friday's inflation data.
Friday's US consumer prices rose 0.4% for the month of October, up 7.7% over the year. This was down from 8.2% year over year in September and 0.2 percentage points below consensus, as was the ex-food and energy reading of 6.3%. This was a welcome report and the market reaction included a 5.5% surge in the S&P 500 and a 26 basis point drop in the 2-year Treasury yield that sent gold through the roof and the greenback off a cliff.
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