US inflation at 5% YoY vs 4.7% expected with core inflation at 3.8% vs 3.5% expected which is the highest rate since February 1992.
The market took it like a champ though as it believes central bankers will look through this temporary spike.
But I think investors will still want to hedge against inflation and what better asset to buy than Gold?
Technically, however, I would like to see more volume which would indicate the presence of buyers and a break above resistance at 1912 / 1915 will likely trigger a new round of upside acceleration to my medium-term target at $1949 / oz.
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