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Market Waiting For This Week’s US CPI And FOMC

GOLD

Gold prices have trended down during the session today, as the USD strengthened, after rising on Friday. Gold prices are down 0.5% to $1787.50/oz and close to its intraday low of $1786.88. The DXY is up 0.3%.

  • Key resistance is at $1807.90, the August 10 high, but markets have moved away from that level today, although bullish trend conditions remain. Signs that the Fed is slowing the pace of tightening have boosted bullion recently.
  • While there is little of note overnight, US CPI for November prints tomorrow and the FOMC decision is Wednesday, a smaller 50bp hike is expected. These are likely to be a focus for bullion this week. Any development which strengthens the USD is likely to weigh on gold prices.
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