Gold Price Forecast: XAUUSD needs a soft US CPI report to surpass $1,800
|Gold price clings to the critical downward-sloping 50-Daily Moving Average (DMA) at $1,787 amid pre-US inflation cautious trading. XAUUSD buyers need softer US CPI for a big break above the $1,800 mark, FXStreet’s Dhwani Mehta reports.
Bullion traders to remain non-committal below the $1,800 mark
“A softer US inflation reading could offer the much-needed impetus to gold bulls for crossing the $1,800 threshold, as it would pour cold water on super-sized Fed rate hike expectations.”
“A failure to sustain above the 50 DMA at $1,787 will open up a renewed downside towards the previous day’s low of $1,771, below which the $1,765 demand area will come into play. The August 3 high of $1,754 and the $1,750 psychological level will be on sellers’ radars.”
“Buyers need acceptance above the $1,800 mark to continue with its recovery momentum. Bulls will then guard the July 5 high at $1,812 should the upbeat momentum pick up steam.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.