Gold Price Hits $1,930 After US Inflation Missed Expectation

  • The US CPI and Core CPI brought high action.
  • A valid breakout through the downtrend line brings new longs.
  • Invalidating its breakout should signal a new sell-off.

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As pointed in our previous analysis, XAU/USD was expected to register sharp movements around the United States inflation figures.

Tomorrow, the fundamentals remain in the driving seat. The UK GDP is expected to report a 0.2% growth versus a 0.1% drop in the previous reporting period.

Activating the chart pattern should bring us new long opportunities as the XAU/USD could develop a new leg higher.

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Furthermore, the CPI y/y reported only a 3.2% growth compared to the 3.3% growth forecasted, but above 3.0% growth in the previous reporting period, while Unemployment Claims jumped to 248K in the previous week from 227K, far above 231K expected.

Technically, the price action developed a Falling Wedge pattern which may represent a bullish formation. It has failed to stay below the $1,920 and now it challenges the downtrend line.

Furthermore, the UK is to release the Industrial Production, Manufacturing Production, Goods Trade Balance, Prelim GDP, and Index of Services data as well.

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