Gold rebounds sharply after US CPI, but key resistance stands in the way
Gold rebounds from its 200-day EMA after hotter-than-expected CPI, with $4,500 resistance now back in focus.
Gold Weekly Forecast: Fed rate call and dot plot key for next directional action
Gold edged higher in early Friday trading on a partial profit-taking after Thursday's 2% drop, as traders await release of key US inflation data for fresh direction signals.
Gold managed to meet the target of 4340-65 and below. As we see over the chart, prices still remain above the support at 4280 which is still holding the chance for another advance wave toward 4625.
Gold holds ground as markets brace for US CPI data
Gold Price Forecast: XAU/USD clings to a key support area around $4,300
Gold is trading near 4,322 USD per ounce on Friday after falling by almost 2% in the previous session. Investors are now awaiting US consumer inflation data, which could further strengthen expectations of a Federal Reserve rate hike as early as next week.
Gold falls as inflation fears and high Oil prices weigh on the precious metal
Gold and silver face pressure as hot PPI lifts Fed hike bets, while Middle East tensions support safe-haven demand ahead of U.S. CPI.
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data