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Yesterday, Gold started the day on a bullish trend, climbing to $1,810 per ounce, even as Fed Chair Jerome Powel was scheduled to testify on Tuesday evening before the Senate Banking Committee. Gold moved past its $,1,800 resistance level and continued its ascend even after the Fed Chair’s testimony. Most investors have taken the Fed’s hawkish stance as a given by now, and future rate hikes by the US Central Bank have been already priced in. In anticipation of rising inflation rates, the value of gold increases, as it is used as an inflation hedge. Gold price is currently moving towards the $1,831 resistance level and the outlook for the metal is bullish, while the $1,783 level provides support for the price of gold.
US economic indicators, and especially Monthly Consumer Price Index and Core CPI data that are scheduled to be released today, may affect the price of gold strongly. These are expected to provide a directional driver for gold, as they are considered strong US inflation indicators and gold is usually priced against the dollar.
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Written by:
Myrsini Giannouli
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