Gold is back in the red, looking to test the critical $1,760 support area, with all eyes on the US inflation numbers. Will US CPI drive gold price above the critical $1,792 resistance? A downbeat report could lift XAU/USD beyond this barrier.
Immediate support is seen at $1,773
“A downbeat US CPI report could weigh on the US dollar and the Fed’s hawkish bets, lifting XAU/USD finally above the powerful resistance – the confluence of the 100- and 200-Daily Moving Averages (DMA) at $1,792 on a sustained basis.”
“Only a daily closing above the key $1,792 confluence will open doors for further recovery, with the next immediate hurdle seen at 50-DMA, now at $1,796. The bulls will then target the $1,800 figure.”
“On the flip side, immediate support is seen at the previous day’s low of $1,773. The November 3 low at $1,766 could then be on buyers’ radars.
Gold bulls remain hopeful while above the horizontal trendline support pegged at $1,760.”