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Edging Higher, Softer USD Helping, US CPI Coming Up Later

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Gold is just under session highs last near $2360.4. We are modestly up from end Tuesday levels, where bullion rallied just under 1%. The main supports came from a weaker USD/softer yield backdrop.

  • The USD has remained softer today, particularly against higher beta currencies. This has helped keep dipped in gold supported. Earlier lows were at $2355.
  • Levels wise for gold, next resistance is at $2,431.50 - the bull trigger. Any return lower would eye $2,269.1, the 50-day EMA.
  • Focus coming up will be on the US CPI print.
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Gold is just under session highs last near $2360.4. We are modestly up from end Tuesday levels, where bullion rallied just under 1%. The main supports came from a weaker USD/softer yield backdrop.

  • The USD has remained softer today, particularly against higher beta currencies. This has helped keep dipped in gold supported. Earlier lows were at $2355.
  • Levels wise for gold, next resistance is at $2,431.50 - the bull trigger. Any return lower would eye $2,269.1, the 50-day EMA.
  • Focus coming up will be on the US CPI print.