Softer-than-expected US CPI report released yesterday triggered a slump in the US dollar and a rally on equity markets. While those moves have been mostly reversed later on, USD has again seen some weakness today with EURUSD delivering a clear break above the 1.10 mark. Weakening of the US dollar is also providing support for precious metal prices, including gold.
Taking a look at GOLD at H1 interval, we can see that price of this precious metal saw some wild moves in the aftermath of yesterday's CPI release (orange circle on the chart below) - gold rallied as market saw US CPI data as dovish and attempted to break above the $2,025 per ounce price zone but failed. However, gold enjoyed a steady upward move later on and has managed to climb above the aforementioned $2,025 resistance zone today. The next potential resistance to watch is a zone ranging above $2,050 handle and marked with highs from 2020 and 2022.
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GOLD at H1 interval. Source: xStation5
GOLD at W1 interval. Source: xStation5
