U.S. inflation may have only gradually weakened last month, with retail sales rebounding, which may lead to the Fed not being eager to lower interest rates. The core consumer price index, a measure that excludes food and fuel to better reflect underlying inflation, is expected to rise to 0.3% in February from 0.4% at the start of the year. The Labor Department will release its CPI report on Tuesday (March 12). The price index is expected to rise 3.7% from the same period last year, which would be the smallest annual increase since April 2021. Although the annual figure is well below the peak of 6.6% reached in 2022, the recent pace of progress has been modest. This is consistent with testimony before Congress last week from Fed Chairman Jerome Powell, who said that while a rate cut may be appropriate "sometime this year," he is not ready yet. The unseasonally adjusted CPI annual rate announced today is expected to remain unchanged at 3.1%, which may be negative for gold.
Gold has risen for 9 days in a row. Yesterday was the only time it did not break through the high point and has maintained a narrow range. Therefore, gold is choosing a direction. Today we need to see whether the US CPI data will change the direction in which gold has been rising.
The support point of the daily unilateral moving average is 2170, and then the focus is on the low of 2156 during the non-agricultural data. Only if it falls below this position can we continue to see the downside.
My suggestion is to wait for the CPI to be released, follow the trend, or observe whether it will break through the resistance range of 2190-2195.
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Trade active:
The fluctuation is very small, waiting for the US market
Trade active:
Waiting for CPI data to be released
Comment:
As I thought, gold changed its uptrend
Comment:
Gold is the same as my prediction today. CPI has changed the strong upward trend of gold. As long as you follow the trend and trade, you have made a profit today.
Comment:
Join me as I continue my analysis tomorrow
