Gold price (XAU/USD) preserved its bullish momentum and registered strong gains in the first three days of the week.
Gold price reached a new record high above $2,300 this week. XAU/USD remains technically overbought despite the latest pullback. US inflation data next week could significantly impact Gold ’s valuation. Gold price preserved its bullish momentum and registered strong gains in the first three days of the week. Following a short-lasting correction on Thursday, the pair regained its traction and touched a new record high above $2,300 on Friday.
On a monthly basis, the CPI and the core CPI are both forecast to rise 0.3%. In case the monthly core CPI rises at a stronger pace than forecast, the immediate reaction could boost the USD and trigger a downward correction in Gold. On the other hand, a print of 0.2% or lower could revive expectations for a June rate cut and hurt the USD. The BLS will release the Producer Price Index data on Thursday. In the past, market participants paid little to no mind to producer inflation data.
XAUUSD Metals Commodities Technical Analysis
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