Since the beginning of November, gold prices have shown a downward trend after reaching a high of $2,009 and are currently trading at $1,944.
During the early European trading session last Monday, gold prices were seen to be struggling to hold their ground, so investors will now be looking for fresh impetus from the United States (US) Consumer Price Index (CPI) data release tonight.
Through observation, the monthly inflation rate is expected to increase by 0.1% for October while the core CPI is estimated to remain at 0.3%
Based on the data, the price of gold continues to trade below the Exponential Moving Averages (EMA) in 50 – 100 hours
(4-hour chart) to help sellers for now.
Gold is currently under pressure due to fading geopolitical risks and the market is now more focused on the Israel-Hamas conflict.
Recently, a hawkish announcement by the Federal Reserve (Fed) has pushed the price of gold to fall further.
On the other hand, the US data showed weakness especially in the labor sector due to the NFP employment report being somewhat weaker than the overall estimate.
