Gold Price News and Forecast: XAU/USD saw knee jerk upside in wake of soft US CPI data

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD supported above key $1830 area but 200 and 50 DMAs blocking further gains

Spot gold prices were choppy on Wednesday, swinging between a roughly $20 range between the $1835 and $1855 levels, but still managed to close Wednesday’s session with gains of around 0.3%.

Looking at the spot price over a short time horizon, XAU/USD has respected an uptrend from the Monday Asia Pacific session open low at just under $1830.

Gold Price Analysis: XAU/USD erases post-soft US CPI data rally to trade back around $1840

Spot gold prices (XAU/USD) saw a pick-up in volatility in wake of a softer than anticipated US Consumer Price Inflation reading; in the immediate aftermath of the data, XAU/USD rallied from around $1840 to hit highs around $1855, which happened also to coincide with resistance in the form of the 200DMA. In the subsequent hours, these gains were eroded and spot gold is now trading around the $1840 mark again, with modest gains on the day of around 0.2%, mostly as a result of the slightly softer US dollar and slight drop in real yields (US 10-year TIPS yields are down just over 1bps on the day in the mid -1.05s%).

XAG/USD

Overview
Today last price	27.03
Today Daily Change	-0.19
Today Daily Change %	-0.70
Today daily open	27.22

Trends
Daily SMA20	26.11
Daily SMA50	25.73
Daily SMA100	24.88
Daily SMA200	23.22

Levels
Previous Daily High	27.81
Previous Daily Low	27.06
Previous Weekly High	30.07
Previous Weekly Low	25.9
Previous Monthly High	27.92
Previous Monthly Low	24.19
Daily Fibonacci 38.2%	27.35
Daily Fibonacci 61.8%	27.52
Daily Pivot Point S1	26.92
Daily Pivot Point S2	26.62
Daily Pivot Point S3	26.17
Daily Pivot Point R1	27.66
Daily Pivot Point R2	28.11
Daily Pivot Point R3	28.41

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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