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Instrument: GOLD
Bullish Preference:
Buy position is envisaged if price trades above 1887.40 with take profit at 1893.47
Bearish Preference:
Sell position is envisaged if price trades below 1877.22 with take profit at 1871.15
Fundamentals:
1:30pm
USD Core CPI m/m
USD CPI m/m
USD CPI y/y
USD Unemployment Claims
Comment:
Gold reached a two-week high on Wednesday, surging by 0.73% despite higher-than-expected U.S. Producer Price Index (PPI) figures.
U.S. producer prices rose beyond expectations in September, but the underlying inflationary tendencies at the production level showed signs of diminishing.
Today, traders should focus on the U.S. Consumer Price Index (CPI) report at 01:30 p.m. UTC. If inflation figures exceed expectations, the chance of a rate increase this year rises, potentially boosting the US dollar and reversing the short-term bullish trend in gold. Meanwhile, lower-than-expected numbers may push XAU/USD towards 1,890.
Analysis: SCRUM Team
