XAU/USD : CPI is coming , Bull or Bear ? (READ THE CAPTION)

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Taking a closer look at the #Gold chart on the 2-hour time frame, we see that the price has been following our previous analysis perfectly. It started its upward journey from $2296 and, with a solid gain of over 240 pips, reached $2320! Right now, gold is trading around $2313. Today, all eyes are on the US CPI data. If the numbers come in lower than expected, we could see the DXY drop, which might push gold up to new heights like $2330 and even $2348. On the flip side, if the data is higher than expected, we might see a different story unfold.

For support, gold has levels at $2288 to $2298, $2277, and $2266. On the supply side, keep an eye on $2350, $2358.4, and $2366.6. Exciting times ahead for gold traders!

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Best Regards , Arman Shaban
May 2024 CPI: Inflation Holds at 3.3%, Energy Prices Drop

• The CPI for All Urban Consumers (CPI-U) was unchanged in May (seasonally adjusted), after a 0.3% rise in April.

• Over the past 12 months, the all items index increased by 3.3% (not seasonally adjusted).

• The shelter index rose 0.4% in May, marking the fourth consecutive month of increase.

• The food index rose 0.1%, with food away from home up 0.4% and food at home unchanged.

• The energy index dropped 2.0%, led by a 3.6% decrease in gasoline prices.

• The all items less food and energy index rose 0.2% in May.

• The 12-month increase for the all items index was 3.3%, with the all items less food and energy index up 3.4%, the energy index up 3.7%, and the food index up 2.1%.
GOLD ~ $2337 Reached ✅
By examining the #Gold chart in the 2-hour time frame, we see that, as expected, the initial CPI forecast was lower than anticipated. Consequently, gold rose by an additional 250 pips, reaching $2337, bringing the total gain from this analysis to over 500 pips! The CPI report for May 2024 indicated that the CPI-U was unchanged from April, with a year-over-year increase of 3.3%. Energy prices dropped, while shelter costs continued to rise. I hope you found this analysis highly beneficial!

Trade closed: target reached:
By examining the gold chart in the 2-hour timeframe, we observe that after rising to $2342, the price declined and is currently trading around $2307. There is a possibility that if the PPI data comes in higher than the forecasted rate, it could lead to a further drop in gold prices.

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