U.S. CPI & Core CPI Results
The key event for the day will be U.S. CPI and Core CPI data. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Here the average price of various goods and services are sampled and then compared to the previous sampling.
Let’s see how Gold has reacted during the previous data release:
- Gold slightly up ahead of U.S. Inflation Results.
- Today pair made intraday high at $1,736 and low $1,724 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,738 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,721 will check further supports.
Take a look and do trade wisely!