Gold strongly bullish ahead of the US CPI [Video]

Olimpiu Tuns Learn 2 Trade

XAU/USD is trading in the green at 1,730 at the time of writing and it seems determined to approach and reach new highs as the USD resumed its sell-off. DXY’s corrective phase helped the price of gold to develop a strong rebound.

Today, the fundamentals will drive the price. The US CPI is expected to report a 0.1% drop in August while the Core CPI may register a 0.3% growth.

The XAU/USD retreated a little after failing to stabilize above the weekly R1 (1,734). It was almost to reach and retest the uptrend line which represents a dynamic support. As long as it stays above this line, Gold could resume its swing higher. A new higher high could activate further growth.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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