Gold Prices Edge Up on PPI Data, Interest Rate Decision
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Gold prices edged up in the US session, reacting to the latest PPI inflation data. The US Labor Department said the PPI rose 0.2% in August, beating expectations for a 0.1% increase. The core PPI also rose 0.3%, but annual wholesale inflation came in at 1.7%, below the 1.8% forecast.
The move reflects concerns about inflation and expectations that the Fed will be more flexible in monetary policy, especially after the ECB cut interest rates, contributing to the appeal of gold as a safe-haven investment. Gold prices closed at $2,534.60 an ounce, up $24.10.
Gold is in a strong recovery phase after hitting a low of $2,486.019. The bounce from the 0.618 Fibonacci level of gold shows a strong bullish trend, and this level is being viewed by the market as key support.
After breaking above the 0.618 level, gold is now looking towards the 1.618 Fibonacci level ($2,543.422). A successful break above this level could lead to further upside towards the 1.618 Fibonacci level at $2,578.897, which would strengthen the case for a stronger uptrend.
The immediate resistance to watch is at $2,578.897, an area that has seen resistance in the past. If the price fails to break above this level, a correction or trend reversal could occur.
In the event of a correction, the next important support level to watch is at $2,486.019, where the price has reacted strongly in the past and could continue to be a strong bounce point for the price.
The move reflects concerns about inflation and expectations that the Fed will be more flexible in monetary policy, especially after the ECB cut interest rates, contributing to the appeal of gold as a safe-haven investment. Gold prices closed at $2,534.60 an ounce, up $24.10.
Gold is in a strong recovery phase after hitting a low of $2,486.019. The bounce from the 0.618 Fibonacci level of gold shows a strong bullish trend, and this level is being viewed by the market as key support.
After breaking above the 0.618 level, gold is now looking towards the 1.618 Fibonacci level ($2,543.422). A successful break above this level could lead to further upside towards the 1.618 Fibonacci level at $2,578.897, which would strengthen the case for a stronger uptrend.
The immediate resistance to watch is at $2,578.897, an area that has seen resistance in the past. If the price fails to break above this level, a correction or trend reversal could occur.
In the event of a correction, the next important support level to watch is at $2,486.019, where the price has reacted strongly in the past and could continue to be a strong bounce point for the price.
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