Gold Heads to Test Resistance, What Happens Then?
Gold continues to extend its upward trend today, currently trading at $1880.
After the overnight PPI, the precious metal has gained buying interest, leading to a significant increase in gold prices during yesterday's trading session. Additionally, as the value of the US dollar declines and bond yields decrease, many investors have increased their demand for gold.
In the near future, the gold market may test the resistance level at $1877 before potentially returning to a support level, as the US prepares to release the Consumer Price Index (CPI) for August 2023 on the morning of October 13th. The CPI can have an impact on the currency market and influence the direction of gold prices.
After the overnight PPI, the precious metal has gained buying interest, leading to a significant increase in gold prices during yesterday's trading session. Additionally, as the value of the US dollar declines and bond yields decrease, many investors have increased their demand for gold.
In the near future, the gold market may test the resistance level at $1877 before potentially returning to a support level, as the US prepares to release the Consumer Price Index (CPI) for August 2023 on the morning of October 13th. The CPI can have an impact on the currency market and influence the direction of gold prices.
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good luck
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Last night, the US announced that the consumer price index (CPI) increased by 3.7% year-on-year, higher than the forecast of 3.6%. However, the annual core CPI excluding food and energy prices decreased from 4.3% to 4.1%, meeting market expectations.
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Gold reached the limit of the descending channel at 1932
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