Gold Hits Fresh 2022 Lows, Eyes U.S. Inflation Data
Gold prices fall for the second day in a row on Tuesday, hitting the lowest level in almost ten months as the greenback continues to strengthen across the board.
Spot gold, XAU/USD, dropped to $1,723 an ounce, its lowest level since September 2021, before recovering slightly. At the time of writing, the metal is trading around $1,730, 0.23% below its opening price.
Mounting concerns about an economic slowdown in major world economies coupled with inflation pressures have raised red flags for investors that continue to fly to safety. The U.S. dollar continues to advance, even versus the precious metal, despite falling U.S. yields – reflecting higher demand for Treasuries.
On Wednesday, the U.S. will publish June's inflation figures, measured by the annual Consumer Price Index, which is expected to reach a new four-decade high of 8.8%. Core CPI is forecast to post a 5.8% increase, slightly below the 6% May rate.
Persistent inflation pressures have pushed the Fed to increase rates aggressively over the last months. Investors expect a 75 bps rate hike at the FOMC's next meeting, but Chair Powell has reiterated that higher increases – 100 bps – are not ruled out.
From a technical standpoint, the XAU/USD holds a short-term negative bias, with the price posting lower lows below its main moving averages while indicators remain in negative territory in the daily chart. However, the RSI shows oversold conditions, which could suggest an upward correction or at least some consolidation before another leg lower.
On the upside, immediate resistance is seen at $1,760, followed by the more relevant $1,800 psychological level, which is reinforced by the 20-day SMA.
On the other hand, loss of the $1,720 major support area would expose the $1,700 level en route to August 2021 lows at the $1,675 zone.
Spot gold, XAU/USD, dropped to $1,723 an ounce, its lowest level since September 2021, before recovering slightly. At the time of writing, the metal is trading around $1,730, 0.23% below its opening price.
Mounting concerns about an economic slowdown in major world economies coupled with inflation pressures have raised red flags for investors that continue to fly to safety. The U.S. dollar continues to advance, even versus the precious metal, despite falling U.S. yields – reflecting higher demand for Treasuries.
On Wednesday, the U.S. will publish June's inflation figures, measured by the annual Consumer Price Index, which is expected to reach a new four-decade high of 8.8%. Core CPI is forecast to post a 5.8% increase, slightly below the 6% May rate.
Persistent inflation pressures have pushed the Fed to increase rates aggressively over the last months. Investors expect a 75 bps rate hike at the FOMC's next meeting, but Chair Powell has reiterated that higher increases – 100 bps – are not ruled out.
From a technical standpoint, the XAU/USD holds a short-term negative bias, with the price posting lower lows below its main moving averages while indicators remain in negative territory in the daily chart. However, the RSI shows oversold conditions, which could suggest an upward correction or at least some consolidation before another leg lower.
On the upside, immediate resistance is seen at $1,760, followed by the more relevant $1,800 psychological level, which is reinforced by the 20-day SMA.
On the other hand, loss of the $1,720 major support area would expose the $1,700 level en route to August 2021 lows at the $1,675 zone.
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