Gold prices edged higher on Tuesday, with investors closely watching the upcoming critical inflation report, which could significantly affect future U.S. interest rate decisions.
"Today's modest movement in gold prices illustrates that the market remains cautious, reluctant to form a strong opinion before the U.S. data is released," commented Han Tan, chief market analyst at Exinity Group.
According to the most recent Survey of Consumer Expectations by the Federal Reserve Bank of New York, consumers anticipate inflation to reach 3.3% a year from now, up from 3% in March. They expect inflation to slow to 2.8% in three years, a slight decrease from the previous month's expectation of 2.9%.
Technical Analysis of Gold:
The price will be volatile today due to the PPI news and Jerome Powell's speech,
so will move depending on the result, but it is possible to touch 2357 and then start a bearish trend, also releasing a PPI of more than 2.1% means will drop toward 2327, otherwise less than 2.1% will support a bullish trend to touch 2357
Pivot Price: 2344
Resistance Levels: 2357, 2369, 2379
Support Levels: 2327, 2317, 2302
Today's anticipated trading range is between the support level at 2327 and the resistance level at 2357.
"Today's modest movement in gold prices illustrates that the market remains cautious, reluctant to form a strong opinion before the U.S. data is released," commented Han Tan, chief market analyst at Exinity Group.
According to the most recent Survey of Consumer Expectations by the Federal Reserve Bank of New York, consumers anticipate inflation to reach 3.3% a year from now, up from 3% in March. They expect inflation to slow to 2.8% in three years, a slight decrease from the previous month's expectation of 2.9%.
Technical Analysis of Gold:
The price will be volatile today due to the PPI news and Jerome Powell's speech,
so will move depending on the result, but it is possible to touch 2357 and then start a bearish trend, also releasing a PPI of more than 2.1% means will drop toward 2327, otherwise less than 2.1% will support a bullish trend to touch 2357
Pivot Price: 2344
Resistance Levels: 2357, 2369, 2379
Support Levels: 2327, 2317, 2302
Today's anticipated trading range is between the support level at 2327 and the resistance level at 2357.
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The next bullish trend will start by breaking 2357 toward 2372
bearish trend will start by breaking 2344