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Gold close to $ 1,800 after breaking the two-week range

The report on US inflation in September caused a break in the gold price range after two weeks of consolidation.

The breakthrough came after the US Consumer Price Index (CPI) rose 5.4% year-on-year from 5.3% expectations, heightening growing fears of rising price pressures. The price of gold rose by $ 40 with the publication of the CPI to reach four-week highs of $ 1796.

The upward movement of gold ended during the publication of the minutes of the FOMC meeting in September. The protocol revealed that Fed employees are ready to start reducing their incentives in November or December this year. In addition, the optimistic tone of the Wall Street indices contributed to the completion of the upward momentum of gold.

As a result of growth driven by the US consumer price index, the price of gold has adjusted slightly from monthly highs amid a new rise in government yields, while the dollar is falling against its main competitors.

Sentiment remains cautious amid growing fears of an earlier rise in Fed rates. Market participants are looking forward to a new batch of US economic data on new trading opportunities while the mood around the Fed will continue to have a key impact on the price of gold.

GOLD Chart:

Comment on the chart: From a technical point of view, gold goes to $ 1800 after breaking the range and upon reaching the psychological level many of the long positions may close and this will lead to a deeper correction.

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