. The precious metal displayed a juggernaut upside move after the release of the US Consumer Price Index on Friday. The bright metal moved higher from $1,828.99 to $1,879.25 swiftly.
The US Bureau of Labor Statistics reported the US CPI at 8.6%, much higher than the prior print and forecasts of 8.3%. Also, the core CPI that doesn’t include food and oil prices rose to 6% from the expectations of 5.9%. It is worth noting that the contribution from the food and oil process in making the inflation situation more horrible is much higher.
On a four-hour scale, the gold price is on the verge of delivering an upside break of its prolonged consolidation formed in a range of $1,825.10-1,876.01. A firmer responsive buying action reported last week from $1,825.10 has strengthened the bullish momentum. The precious metal is auctioning higher from the 50-period Exponential Moving Average at $1,853.15. Meanwhile, the Relative Strength Index has shifted into a bullish range of 60.00-80.00, which adds to the upside filters.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hollywood Flashback: ‘Band of Brothers’ Struck Emmy Gold 20 Years AgoThe Tom Hanks and Steven Spielberg-produced World War II drama followed the brigade known as 'The Easy Company' and featured Damian Lewis, Rob Livingston and Michael Fassbender. Loved it!!! My favourite
Source: THR - 🏆 411. / 53 Read more »
California man charged in Olympic gold medal theft from US volleyball starThe medal, awarded to U.S. women’s volleyball starting setter Jordyn Poulter during the 2020 Tokyo Games, still has not been found.
Source: ABC - 🏆 471. / 51 Read more »
Gold Star's widow hopes for more transparency from U.S. military about soldier deathsThe confusion and secrecy that often surrounds U.S. military operations is tough enough on those who serve. But their families don't often have the same level of support or transparency from the military when it comes to losing Americans in combat. One army wife is making sure that others don't get trapped in the 'fog of war.”
Source: FOX4 - 🏆 289. / 63 Read more »
'Doves don't exist on the FOMC right now': Economists expect hawkish Fed meeting this weekFed watchers think Fed Chairman Jerome Powell and his colleagues will be hawkish at their meeting Wednesday in light of the strong May consumer inflation data. wrong take ! with inflation at 8+ they and 50 hike they all doves 🕊! if they hike 75 it’s neutral and 75 + 75 hawkish How about we find a way to get oil prices lower! Then you could stop making everyone poorer with this (lowering demand side) inflation would be fixed instantly 🙄 “Economists expect hawkish Fed meeting this week” They are going to over-correct. Book it.
Source: MarketWatch - 🏆 3. / 97 Read more »
Biggest Movers: WAVES, NEAR Hit Multi-Week Lows on Saturday – Market Updates Bitcoin NewsNEAR fell to a one-month low to start the weekend, as prices moved below their long-term support point. WAVES is down 15% Double up your coins 👉🌏 MATICx1O Thanks so muchhhhhhh for this gift MATICx1O Double up your coins 👉🌏 MATICx1O
Source: BTCTN - 🏆 531. / 51 Read more »
Minnesota gas station owner puts up sign for his customers: 'We hate our gas prices too'The nationwide average price for a gallon of gasoline has topped $5 for the first time ever, and drivers aren't the only ones fed up with the price hikes. Nice try, gas station owners. I'm still going to bitch about it to you.
Source: abc7newsbayarea - 🏆 529. / 51 Read more »