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- Gold Price Forecast: XAU/USD jumps toward $2,050 after US CPI
Gold Price Forecast: XAU/USD jumps toward $2,050 after US CPI
- US Consumer Price Index rises 0.4% in April, matching market consensus.
- US Dollar Index tumbles after the report as US yields decline.
- XAU/USD jumps to highest since Friday, looking at $2,050.
Gold Price jumped following the release of US consumer inflation and the US Dollar dropped sharply across the board. XAU/USD rose from $2,030/oz to $2,045, reaching the highest level since Friday. Silver also soared, approaching $26.00.
The US Consumer Price Index (CPI) showed inflation rate was 0.4% in April, in line with expectations, and 4.9% YoY, slightly below the 5% of market consensus. The Core CPI rose 0.4% and the annual rate edged lower from 5.6% to 5.5%, both matching market consensus.
Following the numbers, the US Dollar Index turned negative, falling under 101.50. US Treasury bond yields also collapsed, with the 10-year falling to 3.45% from 3.50% and the 2-year to 3.94%.
XAU/USD is trading near the highs, looking at the $2,050 area, boosted by the weaker Dollar and also lower US yields. Above $2,050, attention would turn to the record highs in the $2,075/80 area. The immediate resistance now stands at $2,035.
Technical levels
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