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Bullion Range Trading Ahead Of US CPI

GOLD

Gold prices have been trading in narrow ranges this week as markets wait for today’s October US CPI data. A stronger print would be negative for bullion as it may signal further Fed tightening. They are down 0.1% today to $1944.84/oz after rising 0.3% to $1946.92. Today bullion reached an intraday high of $1948.45 before falling to a low of $1944.46. The USD index is up 0.1% and close to today’s high.

  • Trend conditions for gold remain bullish and November’s trend lower is seen as corrective. Moving average studies highlight a rising trend. The bull trigger is at $2009.40, October 27 high. Initial support is $1938.10, 50-day EMA, which has been breached and opened up $1908.30, October 16 low.
  • Later the focus is on October US CPI (see MNI CPI Preview), especially core, but there are also real earnings, UK September labour market data, and Q3 euro area GDP/employment. In terms of speakers, the Fed’s Williams, Jefferson, Barkin, Barr, Mester and Goolsbee speak as well as the ECB’s Lane and Enria.
Energy BulletsCommodities
Energy BulletsCommodities

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