Gold Price Forecast: XAUUSD awaits US CPI for a fresh upswing – Confluence Detector Gold XAUUSD Commodities Confluences Inflation
The US Dollar resumes its correction but a weak CPI print could revive the downside.Gold price is posting small gains above the $1,700 mark, as bulls turn cautious ahead of the critical from the United States. The US inflation data is of utmost significance in determining the US Federal Reserve’s rate hike outlook. A softer US core CPI print is likely to bolster expectations of a 50 bps December Fed rate hike. The monthly US CPI is seen rising to 0.
Alternatively, a sustained break below the Fibonacci 23.6% one-day at $1,706 will revive the selling momentum toward the previous low four-hour at $1,704. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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