Market Awaits Key US Inflation Data Amidst Gold Price Prospects
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This week, markets are closely monitoring the release of significant US inflation data. The inflation figures are expected to provide further insights into the Federal Reserve's interest rate cut trajectory and could serve as the next catalyst for gold prices.
The US Consumer Price Index (CPI) for March will be published on Wednesday. According to economists' surveys, the overall US CPI for March is predicted to rise by 0.3% compared to the previous month, slightly lower than February's 0.4%; while the US core CPI for March is expected to increase by 0.3% compared to the previous month.
Gold Price Outlook
XAUUSD
On the daily chart, despite gold's correction from approaching the 1% Fibonacci extension level at $2,356, as highlighted in our weekly publication, it has found support from the 0.786% Fibonacci level and rallied back towards the $2,360level once again.
A level tested multiple times implies the diminishing effect of that technical level. However, at present, the $2,360level still serves as the nearest notable resistance level.
The primary trend of gold prices remains unchanged, with an upward trend indicated by all technical indicators. Expectations for a corrective decline should target short-term support around the $2,316 - $2,305 area, while protective positions should be placed behind the $2,360level.
Throughout the day, the technical outlook for gold prices will be closely watched with the following price levels in focus.
The US Consumer Price Index (CPI) for March will be published on Wednesday. According to economists' surveys, the overall US CPI for March is predicted to rise by 0.3% compared to the previous month, slightly lower than February's 0.4%; while the US core CPI for March is expected to increase by 0.3% compared to the previous month.
Gold Price Outlook
XAUUSD
On the daily chart, despite gold's correction from approaching the 1% Fibonacci extension level at $2,356, as highlighted in our weekly publication, it has found support from the 0.786% Fibonacci level and rallied back towards the $2,360level once again.
A level tested multiple times implies the diminishing effect of that technical level. However, at present, the $2,360level still serves as the nearest notable resistance level.
The primary trend of gold prices remains unchanged, with an upward trend indicated by all technical indicators. Expectations for a corrective decline should target short-term support around the $2,316 - $2,305 area, while protective positions should be placed behind the $2,360level.
Throughout the day, the technical outlook for gold prices will be closely watched with the following price levels in focus.
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