Gold Prices Dip Ahead of Crucial US Inflation Data

Gold Prices Dip Ahead of Crucial US Inflation Data

Gold prices edged lower on Monday, with investors positioning themselves cautiously as they await upcoming U.S. inflation reports. These reports are expected to provide further insights into the Federal Reserve's potential timing for its initial rate cut.

The U.S. producer price index (PPI) data is scheduled for release on Tuesday, followed by the consumer price index (CPI) on Wednesday.

Technical Analysis of Gold:
The price will try to touch 2342 and then should break that to continue the downtrend till 2327,
so now will consolidate between 2342 and 2357 till breaking, closing 4h candle above 2357 means will continue the bullish trend to reach 2369,
otherwise, under 2342 means it will touch 2327.

Pivot Price: 2342
Resistance Levels: 2357, 2369, 2379
Support Levels: 2327, 2317, 2302

Today's anticipated trading range is between the support level at 2327 and the resistance level at 2369.

Comment:

The price reached the support lines 2342 and 2338

so now stability above 2342 means will move between 2342 and 2357 till breaking

under 2342 will touch 2327