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Gold loses ground ahead of US inflation report

Gold price fell on Tuesday, hitting the lowest in more than two weeks, pressured by fresh strength of dollar, just a day ahead of this week’s key event – US inflation report for August.

Inflation in the US is likely to rise in August, due to higher energy prices, which would partially offset wide expectations that the Fed is done with interest rates for this year.

US CPI numbers are expected to strongly contribute to the US central bank’s rate trajectory in the near future, with values above expectations to revive dollar bids and make the yellow metal less attractive for investors.

Economists expect annualized inflation to rise to 3.6% in August from 3.2% previous month, while core CPI, which excludes volatile food and energy components is expected to drop to 4.3% from 4.7% in July.

Markets remain highly concerned about still strongly elevated core inflation and remain cautious that the Fed may opt for continuation of its tightening cycle.

Structure on daily chart is weakening as fresh weakness eventually broke below 200DMA (1919) and signals an end of three-day consolidation, shifting near-term focus lower.

Falling 14-d momentum is about to break into negative territory and MA’s turned to full bearish setup, adding to downside risk.

Close below 200DMA (also Fibo 50% of $1884/$1982 upleg) to boost negative signal and open way towards psychological $1900 level and key support at $1884 (Aug 17 low).


Res: 1930; 1938; 1940; 1948
Sup: 1910; 1900; 1884; 1872