- Hours of high volatility in financial markets after US inflation data.
- Metals fall significantly but then rebound with greater intensity.
- Gold remains in positive territory recovering from lows in weeks.
Gold is trading in the $1850 zone after having had sharp ups and downs in the last few hours. The markets in general show volatility, which was accentuated after the US inflation report for April.
The US Consumer Price Index rose 0.3% in April, taking the annual rate to 8.3%, higher than the 8.1% market consensus and lower than the 8.5% in March, which had been the highest in four decades .
Following the data, Treasury yields jumped and led XAU/USD to fall to $1,834, close to the Asian session low of $1,831 (lowest since mid-February). Then the dollar and bonds reversed direction, especially after Wall Street opened, causing gold to recover from all post-data losses.
The yellow metal even climbed as high as $1,857, posting a new high for the day. But the bullish tone has not yet been reinforced given the difficulty of the price in holding above $1,850. Resistances are then seen at $1865 and $1872. In the opposite direction, immediate support looms at $1840 and then the $1830 zone will follow.
|Last Price Today||1854.67|
|Today’s Daily Change||16.27|
|Today’s Daily Change %||0.89|
|Today’s Daily Opening||1838.4|
|20 Daily SMA||1911.72|
|50 Daily SMA||1933.22|
|100 Daily SMA||1882.77|
|200 Daily SMA||1835.72|
|Previous Daily High||1865.49|
|Previous Daily Minimum||1835.55|
|Previous Maximum Weekly||1909.83|
|Previous Weekly Minimum||1850.44|
|Monthly Prior Maximum||1998.43|
|Previous Monthly Minimum||1872.24|
|Daily Fibonacci 38.2%||1846.99|
|Daily Fibonacci 61.8%||1854.05|
|Daily Pivot Point S1||1827.47|
|Daily Pivot Point S2||1816.54|
|Daily Pivot Point S3||1797.53|
|Daily Pivot Point R1||1857.41|
|Daily Pivot Point R2||1876.42|
|Daily Pivot Point R3||1887.35|
Source: Fx Street