U.S. CPI & Core CPI Data
Today the key indicator from the U.S. will be U.S.’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 the average price of various goods and services are sampled and then compared to the previous sampling. If the ‘Actual’ result greater than ‘Forecast’, it is good for currency.
Let’s see how Gold has reacted during the previous data release:
Let’s check out key headlines from Russia –Ukraine:
- Russian President Vladimir Putin on Tuesday said that Russia will reach its ‘noble’ objectives in Ukraine.
- Putin says Russia does not plan to isolate from the rest of the world – Ifax.
- Ukraine’s Zelenskyy tells Lithuanian parliament: In all Ukrainian towns where Russians stayed for a period of time “occupants did same as in Bucha”.
- Russian President Vladimir Putin says – no doubt military operation in Ukraine will reach its objectives.
- UK military intelligence says Russian forces continue to withdraw from Belarus in order to redeploy in support of operations in Eastern Ukraine.
- India probably buys less oil from Russia in month than what Europe does in afternoon: Jaishankar.
- EU seeks unity amid calls for fresh sanctions on Russia.
- Gold remains volatile ahead of U.S. CPI & Core CPI data.
- Today pair made intraday high at $1,960 and low at $1,949 mark.
- A triple EMA on a day chart and H1 chart suggest up trend for the time being.
- A sustained close above $1,964 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,948 will check further supports.
Take a look and do trade wisely!