Gold price falls slightly after 3 consecutive days of gains

Gold looks at inflation data

Gold falls after three consecutive days of gains.

Gold prices rose more than 1% in the previous session after Fed Powell managed to calm markets on the Fed’s next move. But he also managed to ensure that the Fed would move more quickly to tighten policy if needed. .

All eyes are on US CPI data, which is expected to show inflation rising to 7% in December, a 40-year high.

A stronger-than-expected print could boost expectations of a faster pace of Fed tightening, which would be bad news for gold.

Gold Price Action Analysis

Gold extended the bounce from its uptrend line dating back to late September, but found resistance at 1823 and eased lower.

The price of gold remains above its SMA-50 and SMA-100 moving averages, which, combined with the bullish RSI, suggests that the drop could be a buying opportunity.

Gold daily chart (XAU/USD)

It would take a move below the SMA-100 moving average at 1805 to negate the short-term uptrend and a move below 1782 for the bears to regain control.

By Fiona Cincotta, » Official site

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Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or solicitation to buy or sell foreign exchange contracts or CFDs. . Although the information contained in this document has been obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, and assumes no responsibility for any direct, indirect, or consequential damages that may result from anyone’s reliance on such information. information.

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