Gold traded sideways along the $1,820 per barrel level early on Wednesday. The price of the metal lost some of its potency in the past few days, after surging real yields diminished gold’s appeal.
After the release of the US CPI indicators, gold started moving upwards towards the $1,831 resistance, but failed to reach the resistance level and is currently trading near $1,820, while the $1,783 level provides support for the price of gold.
US economic indicators, and inflation indicators, especially Monthly Producer Price Index and Core PPI data that are scheduled to be released today can provide a directional driver for gold, as well as US Unemployment claims. Gold traders should also keep an eye on real yields, such as the US 30-year bond auction prices that will be released today, as these compete with Gold.
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