The CPI data released on Wednesday has dominated sentiment and has weighed heavily on the precious metal. The instrument has provided mixed signals in the last few days with every bullish signal negated by the bears. The commodity continues to trade below most of the moving averages (Simple & Exponential) but currently trading far away from the averages supporting some retracement to around the averages before the commodity continues to nosedive.
The yellow metal is trading around a verified support region on the hourly timeframe. The 1783 zone has not been broken on the last 4 attempts and I expect the zone to hold forth, pushing price to the upside with a target at 1794.96 and stop-loss at 1779.10
Core Retail Sales m/m (US) 1:30 PM
Retail Sales m/m (US) 1:30 PM
Philly Fed Manufacturing Index (US) 1:30 PM
Unemployment Claims (US) 1:30 PM
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