Commodities Analysis and Opinion
Inflation data will determine the movement of Gold
2023.01.12 03:57
Inflation data will determine the movement of Gold
Because traders are primarily focusing on the US number, today’s gold price action will be extremely sensitive. A positive inflation rate could really shift gears in favor of the bull rally that we are currently experiencing.
The yellow could easily begin its flirtation not only with the 1,900 price mark but also with the 2,000 price level if a number is reached that satisfies the Fed and market participants today.
However, the gold price could easily retest the support level of 1,800 today if we see unsatisfactory data. If this happens, expect violent price action.
