Market news
10.12.2021, 07:06

Gold Price Forecast: XAU/USD to surge higher above $1,792 on downbeat US CPI data

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, FXStreet’s Dhwani Mehta report.

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.”

See – Gold Price Forecast: XAU/USD points to downside, seen around $1,685 in 2022 – Citibank

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location