Gold to set record high after CPI tomorrow?
Gold inched higher on Monday, hovering near its all-time high after a remarkable rally last week. Now traders brace for U.S. inflation data that could offer insights into the Federal Reserve's stance on interest rates, and the direction for gold.
Spot gold is currently trading around $2,181.47 per ounce, following a record peak of $2,194.99 on Friday, propelled by U.S. NFP market data that fueled expectations of a rate cut. Traders are currently factoring in a roughly 70% chance of an interest rate cut by June.
The forthcoming inflation data holds significant weight, with the potential to sway the gold market's direction. Expectations are for annual inflation to remain unchanged from the previous month’s 3.1%.
If the data comes in hotter than last month's report, it could pose challenges for the gold market and potentially lead to some near-term selling pressure. Conversely, softer data might propel gold to new highs in the short term.
It's worth noting that the RSI indicates the gold market is currently extremely overbought.
Spot gold is currently trading around $2,181.47 per ounce, following a record peak of $2,194.99 on Friday, propelled by U.S. NFP market data that fueled expectations of a rate cut. Traders are currently factoring in a roughly 70% chance of an interest rate cut by June.
The forthcoming inflation data holds significant weight, with the potential to sway the gold market's direction. Expectations are for annual inflation to remain unchanged from the previous month’s 3.1%.
If the data comes in hotter than last month's report, it could pose challenges for the gold market and potentially lead to some near-term selling pressure. Conversely, softer data might propel gold to new highs in the short term.
It's worth noting that the RSI indicates the gold market is currently extremely overbought.
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