GOLD declines after the CPI report to the local liquidity zone of 2440, forming a new trading range. But, buyers come back and try to hold the psychological zone of 2450 again
The bullish trend persists, gold is trading within the “Symmetrical Triangle” consolidation pattern
Traders await US retail sales data for fresh signals on Fed policy. Although the annual inflation rate in the US slowed down for the fourth consecutive month to 2.9%, but these CPI figures have raised fears that the US Fed will decide to cut interest rate heavily next month.
A weak US retail sales report could revive recession fears....
Technically, we should focus on the local levels inside the range of 2440 - 2477.
Resistance levels: 2458, 2467, 2477
Support levels: 2440, 2431, 2320
Technically buyers are trying to keep the price from falling, but all the emphasis is on the news, favorable fundamental data can provide strong support for gold, which can use the energy for another retest of 2477, but an unpredictable report can intensify the sell-off and bring the price to 2425.