After a sharp two week rise into blue-sky territory above $2200, which saw gold move up $150 during 8 consecutive positive trading sessions, short-term extreme overbought Gold Futures were due for a rest coming into a heavy U.S. data schedule this week. With higher U.S. inflation data coming in a bit hotter than expected on Tuesday, the safe-haven metal began a healthy consolidation of outsized gains on que.
Consumer inflation data (CPI) showed prices increasing strongly for a second straight month in February, taking the gold price down towards support at $2150. Yet, the weakness was quickly bought the following Wednesday as the market awaited producer inflation data (PPI) on Thursday. Also, technically overbought gold did not see a significant rise in selling pressure after Thursday’s PPI showed prices rising considerably more than expected in February amid a surge in the cost of goods like gasoline and food. The imminent gold price correction has been muted this week despite a rising U.S. dollar as we head into the FOMC meeting next wee
Gold Consolidation Gains U.S. Inflation Data Correction U.S. Dollar FOMC Meeting
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