Gold Rebounds 0.69% to $4,346 Ahead of CPI as 10-Year Yield Holds Near 5%
Updated
Updated · FX Empire · Sep 11
Gold Rebounds 0.69% to $4,346 Ahead of CPI as 10-Year Yield Holds Near 5%
3 articles · Updated · FX Empire · Sep 11
Summary
$4,346.18 spot gold rose $29.79 in early Friday trading after buyers defended support around the 50-day moving average at $4,269 ahead of the 12:30 GMT U.S. CPI report.
Near-5% Treasury yields, a firm dollar and WTI above $100 are still capping the bounce, leaving gold's swing-chart trend bearish even after Thursday's softer core PPI failed to ease pressure.
Core CPI is expected at 0.2% for August, with headline CPI seen at 0.4%; traders are focused less on backward-looking data than on whether oil-driven inflation risk keeps bond yields elevated into the Sept. 15-16 Fed meeting.
Technically, support sits in the $4,319.60-$4,230.51 retracement zone, while a break below $4,282.62 would reinforce the downtrend and a move above $4,510.93 would flip it higher.