Precious Metals
XAU/USD – Could US CPI data trigger a major breakout in gold?
Traders appear bullish ahead of CPI release A number of resistance levels above Could a stronger inflation report push gold below $1,900? Gold is edging…
- Traders appear bullish ahead of CPI release
- A number of resistance levels above
- Could a stronger inflation report push gold below $1,900?
Gold is edging higher again today but there is clearly an element of caution in the move.
Perhaps traders are hopeful of a favorable CPI figure from the US but they’re clearly not that confident with the price remaining below $1,940 where it has repeatedly run into resistance.
Gold Daily
Source – OANDA on Trading View
A break above here today could be a bullish signal, although there remain many more obstacles ahead including $1,960, $1,980 and $2,000 before traders will feel confident that the yellow metal is back.
A stronger inflation report could push it back towards $1,900 which has held as support until now, mostly. A break of this could be a very bearish development.
The key levels below may be seen around $1,850-$1,870 around the 200/233-day simple moving average ban which also coincides with prior support and resistance around $1,860. That said, it is worth noting that it hasn’t been particularly responsive to this moving average band in the recent past.
Canadian Silver Co. Will See Big Changes in 2024
Source: Michael Ballanger 12/22/2023
Michael Ballanger of GGM Advisory Inc. takes a look at the current state of the market and shares on stock…
EGR options out Urban Berry project in Quebec to Harvest Gold – Richard Mills
2023.12.23
EGR Exploration Ltd. (TSXV: EGR) has moved from owner to shareholder at its Urban Berry project in Quebec, this week announcing it is optioning…
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
A weird week of macro data – strong jobless claims but…