Gold prices are rising on Tuesday, after rebounding from monthly lows boosted by a slide in US yields. The ounce is up by 0.70% and reached at $1,808.42, the highest level in a week.
From the top, it pulled back modestly, holding so far above $1,800. Silver is also recovering, gaining 0.45%. At the same time, the DXY falls 0.10% but is off lows.
The key event on Tuesday was the US inflation report. The Consumer Price Index rose in August 0.3%, below the 0.4% expected. Also, core inflation rose below market consensus. The numbers activated a sell-off in bonds ahead of next week’s FOMC meeting.
The 10-year yield dropped from 1.35% to 1.26%, hitting the lowest intraday level since August 24. More US data will be released during the week, including retail sales that will continue to affect market expectations about what the Fed might announce.
Spot Gold price Short-Term Technical Report & Outlook
Gold broke the $1,795 area and jumped above $1,800. It is hovering around a resistance area at $1,809 with the positive momentum intact. A break above $1,810 should lead to more gains in the short term. The critical resistance above continues to be the monthly high around $1,835. If the yellow metal breaks the mentioned area, the next target is seen at $1,850.
हमारी फ्री सर्विस और लोगो की paid सर्विस से कई गुना अच्छी है।
आपको हर दिन दिए जाएंगे 3 से 5 कॉल बिलकुल फ्री
हर CALL में PROFIT दिये जायेंगे
तो जल्दी से MCX CHANNEL को JOIN कर लो (NEAL BHAI REPORTS)
JOIN US CLICK HERE
EQUITY CHANNEL को JOIN कर लो(EQUITY FREE TIPS)
JOIN US CLICK HERE
A retreat below $1,795 in gold (Yellow Metal) would put the price back into the previous range between $1,778 and $1,800, and the downside risks would increase. There is an intermediate support around $1,790, and then comes the lower bound of the range at $1,778 that is the critical support. If the support area around $1,778 gives up, it could spark volatility and a quick slide to test the next support at $1,770.
- Spot-Gold Current price: $1,808.42
- US Treasury yields fall sharply after US inflation data on Tuesday.
- A mixed US dollar and risk aversion keeps gold limited to the upside.
- Gold short-term outlook is now bullish while above $1,806.
Report By Neal Bhai, India