Key Take-Aways
- The price of gold increased towards $1,915 before a decline below $1900
- GBP/USD and EUR/USD may continue to rise in value.
- In February 2023, the US CPI dropped from 6.4% to 6%.
Technical Analysis of Gold
The price of gold launched a big climb above the $1,850 resistance against the US Dollar. After the price closed above the $1,880 mark, it began to rise.
The price even closed above the $1,880 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average, according to the XAU/USD 4-hours chart.
A rise above the $1,900 resistance came at last. Prior to the start of a consolidation period, the price reached a high of $1,914. On the downside, a preliminary support is located close to the $1,895 mark.
In the same chart, a connecting bullish trend line is also developing, with support located close to $1,895. Below the $1,882 level, where there is a danger of a move towards the $1,875 level, is where the next significant support is located.
The gold price may struggle to stay above the $1,850 region below the next significant support, which is located close to the $1,865 level. The price of gold could decline near the $1,832 support in the scenario described.
Price is encountering resistance near the $1,915 mark on the upside. The price may move upward toward the $1,950 mark if it moves past the key barrier in the $1,920 region.
Looking at EUR/USD, the pair may soon try to break to the upside and may perhaps pass over the 1.0800 resistance area.
Economic News To Trade Today
Prediction +5.4% for the US Producer Price Index for February 2023 (YoY),
Prediction for the US Producer Price Index for February 2023 (MoM) is +0.3%, up from the previous +0.7%.
Prediction for US retail sales in February 2023 (MoM) is -0.3%, down from the previous +3.0%.
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