Gold Price Forecast: XAU/USD rebounds towards $1,850 as DXY eases ahead of US inflation - Aliens: AI Crypto News & Markets Updates
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Gold Price Forecast: XAU/USD rebounds towards $1,850 as DXY eases ahead of US inflation

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FX Street

Wed, May 11, 2022

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Gold price manages to consolidate losses at three-month low ahead of the key US inflation data.

12-day-old megaphone formation, weekly resistance line also keep sellers hopeful even as softer US CPI can extend price recovery.

Gold (XAU/USD) prices recover from the lowest since February as markets brace for the all-important US inflation data during early Wednesday.

The metal’s latest run-up to refresh the intraday to $1,838 takes clues from the slightly positive stock futures and China’s ability to post upbeat CPI despite ongoing covid woes.

China’s Consumer Price Index (CPI) rose past 1.8% market consensus to 2.1% YoY whereas the Producer Price Index (PPI) crossed 7.7% expectations with the 8.0% yearly figures.

As China is among the world’s top gold consumers, firmer inflation despite the coronavirus-led lockdowns underpins the hopes of the dragon nation’s future demand for the yellow metal.

Also read: Gold price targets $1,830 regions Gold price remains pressured inside a bearish megaphone chart formation, despite the latest rebound, suggesting a further widening of downside moves.

Should gold price drops below $1,828, the support line of the megaphone, around $1,810, will lure the sellers.

Trend: Bearish Overview Today last price 1838.71 Today Daily Change 0.31 Today Daily Change % 0.02% Today daily open 1838.4 Trends Daily SMA20 1911.72 Daily SMA50 1933.22 Daily SMA100 1882.77 Daily SMA200 1835.72 Levels Previous Daily High 1865.49 Previous Daily Low 1835.55 Previous Weekly High 1909.83 Previous Weekly Low 1850.44 Previous Monthly High 1998.43 Previous Monthly Low 1872.24 Daily Fibonacci 38.2% 1846.99 Daily Fibonacci 61.8% 1854.05 Daily Pivot Point S1 1827.47 Daily Pivot Point S2 1816.54 Daily Pivot Point S3 1797.53 Daily Pivot Point R1 1857.41 Daily Pivot Point R2 1876.42 Daily Pivot Point R3 1887.35 Information on these pages contains forward-looking statements that involve risks and uncertainties.

The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

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