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Abstract:Gold price has plunged below $1,840.00 as investors are jittering over the disclosure of the US Consumer Price Index (CPI) in the New York session. The gold prices shifted into a negative trajectory after slipping below the previous week’s low at $1,854.48.
LATEST XAU/USD NEWS
Gold Price Forecast: XAU/USD plummets below $1,840 ahead of US CPI, 200-EMA surrendersBy Sagar Dua | 00:02 GMT
Gold Price Forecast: XAU/USD slumps to fresh weekly lows and pierces the 200-DMA around $1835By Christian Borjon Valencia | May 10, 20:43 GMT
Forex Today: US inflation will seal the dollars fateBy Valeria Bednarik | May 10, 19:47 GMT
Technical Overview
The daily chart for XAUUSD shows that its down for a second consecutive day, holding near the aforementioned low. Technical indicators turned lower near oversold readings, in line with another leg south. In the same chart, the bright metal has fallen further below its 20 and 100 SMAs, with the shorter accelerating south above the longer one. The 200 SMA provides dynamic support at around $1,835.60.
The 4-hour chart shows an increased bearish momentum, as technical indicators turned sharply lower within negative levels, now approaching oversold readings. At the same time, the 20 SMA accelerated slide above the current level and below the longer ones, reflecting strong selling interest. The former May monthly low at 1,850.35 is now the immediate resistance level.
Support levels: 1,835.60 1,825.40 1,813.70
Resistance levels: 1,850.35 1,862.10 1,873.00
Fundamental Overview
Spot gold started the day positively, advancing to an intraday high of $1,865.43 a troy ounce, as demand for the greenback remained subdued. The latter returned with Wall Streets open, as US indexes quickly trimmed early gains, while XAU/USD fell to $1,841.38, its lowest since early February. The catalyst for the latest round of risk aversion came from US Federal Reserve Cleveland President Loretta Mester, who said that a 75 bps rate hike is not out of the table “forever,” although adding that the current pace of hikes seems “about right.”
Meanwhile, US government bond yields are sharply down amid renewed concerns about slowing economic progress. The yield on the benchmark 10-year Treasury note fell to 2.942%, holding nearby mid-American session. Investors focus is on the US Consumer Price Index, as the country will publish an update on inflation on Wednesday. The annual CPI growth is expected to slow down to 8.1% in April from a multi-decade high of 8.5% in the previous month.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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