Gold reacts to US CPI

Source: Dukascopy Bank SA


Initially, the US CPI was at the forecasts or slightly lower, which caused a drop of the US Dollar on Thursday at 12:30 GMT. However, then the markets realized that the data has showed first growth in 13-months.

Gold reacted to the news with a breaking of the resistance of the 1,920.30/1,922.60 range and the 50-hour simple moving average and hitting the combination of the 100-hour SMA and the 1,930.00/1,932.25 range. The resistance held and combined with the fundamental reversal of the US Dollar caused a decline.

By midnight to Friday the pair had almost reached the support of the 1,910.25 level, before starting a recovery. By mid-Friday the commodity had recovered and was testing the resistance of the 1,920.30/1,922.60 range and the 50-hour SMA.

A bounce off of the resistance range could look for support in the 1,910.25 level. Further below, support is set to be found in the lower trend line of the channel down pattern and the 1,902.50/1,905.00 range.

However, a breaking above 1,922.60 is set to face the resistance of the 100-hour SMA and 1,925.00 level. Higher above, the 1,930.00/1,932.25 range could stop another attempted recovery, as it has done already three times.
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