U.S. PPI & Core PPI Results
The only key event from the U.S. will be PPI and Core PPI data scheduled at 1230 GMT/1800 IST. It’s a leading indicator of consumer inflation – when producers charge more for goods and services the higher costs are usually passed on to the consumer. Food and energy prices make up about 40% of overall PPI which tends to mute the importance of the Core data.
Let’s see how Gold has reacted during the previous data release:
- Gold moves in rigid boundaries ahead of U.S. PPI and Core PPI Results and stabilizes above $1,800 mark.
- Today pair made intraday high at $1,803 and low at $1,792 mark.
- A day chart is up and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,804 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,787 will check further supports.
Take a look and do trade wisely!