November 10, 2022 04:20 GMT
Consolidates Above $1700 Ahead US CPI
Gold continues to consolidate above $1700, the precious metal last just above $1709, +0.15% for the session. This is line with a softer USD backdrop, with the DXY off close to 0.30% for the session.
- Trading ranges haven't gone much beyond $1700-$1720 since Tuesday's surge higher during the US session. Dips towards the $1700 level are still supported, but upside moves above $1715 can't be sustained.
- The simple 100-day MA comes in at $1715.17, which could be acting as a resistance point.
- Focus tonight will be firmly on the US CPI print. The recent bounce in gold has outperformed US real yields but is following broader USD trends fairly closely.