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Gold Prices Advance on U.S. Data Miss

Gold Prices Advance on U.S. Data Miss

Walker England, Forex Trading Instructor

Talking Points:

Gold prices are rebounding from monthly lows this morning, as key U.S. inflation data missed expectations. USD Consumer Price Index (YoY) (APR) was expected in at 2.3%, and released at an actual 2.2%. This miss has caused US Dollar denominated assets, including the price of gold, to immediately appreciate. Traders will next look to the U. of Michigan Confidence figures released at 14:00 GMT to provide the market further direction. Expectations for this event are set at 97.

Technically, gold prices rebound this morning has the commodity pushing towards multiple key values of resistance. Currently prices are testing golds 200 day MVA (simple moving average) at $1,231.81 and the 10 day EMA at $1,233.15. If gold is rejected below these points, it would suggest that the market is prepared to continue trending lower. However if prices continue to rebound above these averages, it may suggest an overall shift in the prevailing trend to conclude this week’s trading.

Gold Price Daily Chart & Averages

(Created Using IG Charts)

Intraday market analysis now has gold trading above both the daily central pivot at $1,223.38 and the R1 pivot at $1,229.72. With this morning’s breakout above the R1 pivot, traders may next look towards the R2 pivot at $1,234.18 to find resistance. Traders should note that if gold prices reach the R2 pivot, prices would also then be trading above the previously mentioned 10 day EMA and 200 day MVA.

Alternatively if prices reverse from present values, traders should first look for prices to trade back below today’s central pivot. This would suggest a return to bearish market conditions, opening up a test of intraday values of support. For today’s trading this includes the S1 and S2 pivots found at $1,218.92 and $1,212.58 respectfully.

Gold Price 30 Minute Chart with Pivots

(Created Using IG Charts)

--- Written by Walker, Analyst for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.