Gold prices rebounded in Asian trade in the morning after hotter-than-expected U.S. inflation data dragged gold sharply off record highs, although safe haven demand and central bank buying kept prices close to recent peaks. Gold fell sharply in U.S. trade on Wednesday after consumer price index data showed U.S. inflation grew more than expected in March, remaining sticky. The reading also saw the dollar surge to five-month highs, pressuring gold prices. Spot prices of the yellow metal slid 0.8% on Wednesday after touching record highs earlier this week. But gold rebounded in Asian trade, as signs of persistent economic weakness in China drove up safe-haven demand for the gold.
Spot gold rose 0.5% to $2,345.31 an ounce, while gold futures expiring in June rose 0.6% to $2,362.10 an ounce by 00:17 ET (04:17 GMT). Spot prices remained about $20 away from a record high of $2,365.34 hit earlier this week.
CURRENTLY GOLD IS MOVING ON DOWN TREND.
Expecting correction up to 2350.90
Today’s important levels for trading are 2356.23, 2337.76, 2315.51 and 2297.04
Trading Strategy for today: Sell on Rise
Trade setup:
Pullback Sell around 2350.50 Higher Sell around 2359.50
Safe swing sell below 2317.50
Safe swing buy above 2363.50
Important Event :
🔴 Core PPI m/m
🔴 PPI m/m
🔴 Unemployment Claims
🟠 FOMC Member Barkin Speaks
🔴 30-y Bond Auction