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.
Gold Technical Reports: Experts see rebound next week with an average target of $1,818. Both the monthly and the quarterly forecast show that the bullish expected to remain intact.
Consumer Price Index (CPI): The first high-impact data release of the week will be Tuesday’s CPI report from the US. Cleveland Federal Reserve Bank President Loretta Mester said on Friday that she sees upside risks to the inflation forecast and voiced her support for tapering to start before the end of the year. On a similar note, Atlanta Federal Reserve President Raphael Bostic noted that it would be appropriate to taper sometime this year.
Spot Gold traded with a mild positive bias through the mid-European session, albeit continued with its struggle to find acceptance or build on the momentum beyond the $1,790 round-figure mark.
Gold justifies the technical breakdown amid sour sentiment during early Thursday. That said, the yellow metal holds lower ground near $1,790, the lowest in two weeks by the press time. Fed tapering woes, virus-led economic fears and stimulus chatters keep bears hopeful.
Gold edged back from near a seven-week high as the dollar rebounded from the low that followed Friday’s poor U.S. jobs report, which diminished concerns the Federal Reserve would taper bond buying soon.