Chart of the day - GOLD (14.06.2023) 🧈

• Gold price slide after the US CPI data, lifting Treasury yields
• Fed meeting expected to increase volatility in the gold
• Despite fluctuations, gold remains above a crucial support line

Gold traded lower yesterday after the publication of CPI data, with its price falling to $1941 per ounce.Today, gold traded calmly as investors await the Fed's interest rate decision later today. While many expect the rates to remain unchanged, some anticipate a more hawkish stance given the high core CPI, prompting some to exit the gold market. This has added to the caution in the market, causing a slide in gold prices.

From a technical standpoint, gold is still viewed as being in a bullish uptrend channel, suggesting also a potential upward movement in the medium time frame. However, recent price action has been rejected several times from a short-term descending trend line, suggesting that gold might be at a crucial turning point. Support is around the 1920 - 1940 area, where the 100-day SMA currently lies. A break below these levels could unfold further bearish momentum. On the upside, if gold can manage to move above the 2000 level, it could suggest a resumption of bullish momentum.