Gold (XAUUSD) prices are taking offers to refresh intraday lows as they reverse the previous day’s bounce from weekly lows ahead of the key US Consumer Price Index (CPI). The metal’s latest weakness could be attributed to the hawkish bias over the Fed’s next move, especially after the latest Federal Open Market Committee (FOMC) Minutes. Additionally, this also exerts downside pressure on the bullion amid China headlines as the US escalates the pain for chipmakers and Shanghai/Hong Kong by tightening virus-induced lockdowns. Alternatively, the pre-CPI trading lull joins China’s stimulus, via housing market intervention, to limit the downside for XAUUSD. That said, recent stronger prints and hawkish Fed bets keep gold sellers hopeful amid expectations of fierce inflation woes ahead.

Gold Price: Key levels to watch

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The Technical Confluence Detector shows that gold price is moving smoothly towards the key support of $1,660 comprising pivot point one-week S1, previous day low and Fibonacci 38.2% one-month. Minor support around $1,655 could then test the bears’ commitment as it includes pivot point one-day S2 and lower band of Bollinger on 4H. It is worth noting that the metal’s weakness past $1,655 may not hesitate to challenge the yearly low of $1,615. Alternatively, the convergence of Bollinger middle and SMA100 on 4H guards XAU/USD’s immediate recovery near $1,674. Following that, the previous yearly low near $1,678 holds the key to gold’s upside towards the $1,690 hurdle including DMA 10, pivot point one-day R2 and SMA200 on 4H. Overall, gold price remains well below the key resistances and is moving smoothly towards the south.

Key Points

  • Gold prices fade recovery from weekly lows as multiple hurdles challenge XAUUSD bulls.
  • Pre-event anxiety limits immediate moves but hawkish Fed bets keep bears hopeful.
  • US CPI could push the metal to break through the $1,660 support convergence. 
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