Gold Price Forecast: XAU/USD bears seeking a critical rally in US yields around CPI – by fx_ross Gold Commodities DollarIndex Fed CPI
by another 75 basis points at the next Fed meeting in September, although there will be another report before the next Federal Reserve meeting. Nevertheless, officials to pay close attention to core inflation this time around.
Consequently, for gold, the CPI data and Jackson Hole will be important. For today's inflation data, a higher-than-expected reading could be the catalyst for a final shake-out of stubborn and stale shorts within the volatility ahead of the next significant move to the downside. On the other hand, if the US dollar were to sell off on a lower reading, then a deeper bullish correcting in gold prices would be expected.
The data could determine the price trajectory for the day ahead and the rest of the week and should it reconfirm the sentiment in the market, then gold would be expected to come under pressure as illustrated in the weekly chart above. However, a break of $1,815 would be significant and will open risk to the 78.6% Fibonacci near $1,836 which has a confluence with the neckline resistance of the M-formation's neckline.
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