The main focus of the gold market today on the US inflation report "Consumer Price Index" CPI scheduled for tonight. Gold appears to have traded higher since today's Asian trading session around the $2,528 level.
Tonight's CPI data report should have a strong impact on the world market, especially gold commodities. Tonight's data report is expected to be able to quell investors' concerns about the expected value of the interest rate cut that will be implemented at the FOMC meeting next week.
Tonight's main CPI report is expected to be stable at a reading of 3.2% YoY (Annual Rate). Therefore, any reading "exceeding or the occurrence of an increase" can put "pressure" on the price of gold.
However, if the reading of the report on the other hand shows that the reading of the report is "stable" at the level of 3.2%, the price of gold can be traded higher.
Technical Analysis The main focus of today's price level is around the $2,530 level. If the level is successfully maintained, gold is seen to trade low around the $2,503 price level.
The price level is the "pivot" of the gold market where if the level is successfully broken, gold can be traded lower up to the price level of $2,460.
