Gold Prices May Edge Up on Soft US Inflation Data

Talking Points:

  • Commodities digest as Good Friday holiday drains liquidity
  • Gold prices might corner aloft if US CPI falls brief of forecasts
  • Crude oil prices stranded as futures markets shiver for a week

Commodities noted time as trade activity fizzled forward of closures for a Good Friday holiday opposite many vital financial markets. Crude oil prices will see their subsequent moves subsequent week when futures exchanges reopen. Gold prices might see a bit of activity however as US CPI information crosses a wires.

The core on-year acceleration rate is approaching to parasite adult to 2.3 percent, a imitation broadly in line with a trend normal (2.2 percent). US mercantile news-flow has run-down relations to forecasts over a past month, opening a doorway for a downside warn that might import on Fed rate travel bets and boost a yellow metal.

Retail traders are prolonged gold. Find out here what this hints about a cost trend!

GOLD TECHNICAL ANALYSISGold prices paused to connect after attack a top turn in 5 months. From here, a daily tighten above a 1302.90-08.00 area (76.4% Fibonacci expansion, former support) sees a subsequent upside separator during 1336.19, a 100% level. Alternatively, a annulment behind underneath a 61.8% Fib during 1282.31 paves a approach for a retest of a 1263.87-65.66 segment (50% expansion, Feb 27 high).

Gold Prices May Edge Up on Soft US Inflation Data

Chart combined regulating TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices are digesting waste after gnawing a four-day winning streak. Near-term support is during 52.04, a 38.2% Fibonacci expansion, with a daily tighten next that exposing a 23.6% turn during 50.14. Alternatively, a postulated pull above a 50% Fibat 53.57 opens a doorway for a exam of a 55.10-21 area (January 3 high, 61.8% expansion).

Gold Prices May Edge Up on Soft US Inflation Data

Chart combined regulating TradingView

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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