Gold XAUUSD Chart Technical Outlook Bulls wait for soft Core CPI to extend gains to $2,392
The No. 1 economic indicator is due out today – the US Consumer Price Index (CPI) report. The Fed remains focused on fighting inflation despite paying more attention to the labor market.
Core CPI MoM is the critical figure within the CPI report, as it is the most recent read for inflation excluding volatile energy and food prices. If the data comes out as expected, it would increase expectations for the Fed to begin cutting interest rates in September, pushing bond yields down. That would give Gold another boost.
A 0.1% read on Core CPI MoM would give Gold an even bigger boost, and 0.3% would send it down.
XAU/USD faces resistance at $2,392, a recent peak. which is followed by $2,407. Support is at $2,371, followed by $2,350. The trend remains to the upside.
