GOLD: Promising Long Setup, Anticipated Bullish Surge Ahead!
Gold prices skyrocketed following the release of US inflation data, which turned out to be below market expectations. XAU/USD surged from
2
,007/oz to
2
,028, achieving the highest level in six days.
The US Labor Department disclosed on Wednesday that the Consumer Price Index (CPI) rose 0.1% MoM in March, missing the market consensus of 0.3%. The annual rate also slowed down from 6% to 5%, falling below the market consensus of 5.2%. Meanwhile, the Core rate met expectations by rising 0.4% in March.
As a result of the inflation figures, the US Dollar experienced a decline, with the DXY reaching weekly lows near 101.50, and US yields sinking. The US 10-year bond yield plunged from 3.44% to 3.37%, while Wall Street futures rose significantly.
The potential for a new long extension is promising, as the 2.060 target may be reached.
2
,007/oz to
2
,028, achieving the highest level in six days. The US Labor Department disclosed on Wednesday that the Consumer Price Index (CPI) rose 0.1% MoM in March, missing the market consensus of 0.3%. The annual rate also slowed down from 6% to 5%, falling below the market consensus of 5.2%. Meanwhile, the Core rate met expectations by rising 0.4% in March.
As a result of the inflation figures, the US Dollar experienced a decline, with the DXY reaching weekly lows near 101.50, and US yields sinking. The US 10-year bond yield plunged from 3.44% to 3.37%, while Wall Street futures rose significantly.
The potential for a new long extension is promising, as the 2.060 target may be reached.
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