Gold Price Recovers Intraday Losses Ahead of Central Bank Announcements and US Inflation Data
After a two-week uptrend, the GOLD Price (XAU/USD) has rebounded from intraday losses. The market’s cautious optimism, coupled with a reassessment of the previous dovish bias about the Federal Reserve (Fed), has eased the pressure on the US Dollar. Gold buyers are hopeful of no rate changes from China and Japan, as well as a pause in US Treasury bond yields. They are now awaiting the US inflation data to confirm a consensus of no rate hike from the Fed. The upcoming US Core Consumer Price Index (CPI) on Tuesday will be crucial in determining near-term movements in the Gold Price, particularly as inflation concerns persist.
Gold Technical Outlook
GOLD prices have started the day with negative trading, approaching the level of $1,945.20. This maintains the bearish trend on an intraday basis, with the potential for further decline upon breaking the mentioned level towards the $1,913.15 area.
The bearish wave is supported by the price moving below the EMA50, and the return to the correctional bearish channel provides additional confirmation for the expected decline. It is important to note that if the price manages to breach $1,977.25, it would indicate a halt to the bearish trend and a potential reversal to the upside.
For today, the expected trading range is between the support level of $1,935.00 and the resistance level of $1,970.00.
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