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Gold Price Prediction: XAU/USD measures support around $1850 as DXY demonstrates weariness; US Inflation anticipated

Daniel Rogers

Jun 10, 2022 14:31

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After a slight retracement from $1,850.37, the gold price (XAU/USD) is seeking a firmer base at $1,845.00. After falling to around $1,840.00, the precious metal exhibited a receptive purchasing response. A responsive buying move often occurs when market participants perceive the item to be a value wager.

 

On a global scale, the precious metal is trading sluggishly; nevertheless, the announcement of US inflation data will spark explosive movement in the counter. Investors are concerned that the US Consumer Price Index (CPI) is not showing any impact despite the Federal Reserve's quantitative tightening initiatives (Fed).

 

The annual US CPI is expected to remain unchanged at 8.3 percent, according to market opinion. In the past three months, the Fed has increased interest rates by 0.75 percent and implemented a rapid balance sheet reduction program. One may argue that the pricing pressures are so intense that significant quantitative tightening measures are required for a substantial price decline to occur.

 

The US dollar index (DXY) has exhibited symptoms of fatigue after failing to exceed Thursday's high of 103.37. A higher-than-anticipated inflation rate will bolster the DXY bulls and set them up for a more rapid ascent.

Technical Analysis of Gold

On a four-hour time period, gold prices are exhibiting a protracted consolidation. The precious gold is fluctuating between $1,828.55 and $1,871.16 per ounce. At $1,849.70, the Exponential Moving Average (EMA) of 21 periods intersects with gold prices. In addition, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that the asset is seeking a catalyst for a dramatic rise.

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