Gold – Edging higher ahead of the US inflation report

<p><a href="https://api.addthis.com/oexchange/0.8/forward/facebook/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fgold%2Fgold-edging-higher-ahead-of-the-us-inflation-report%2Fcerlam&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/facebook.png" border="0" alt="Facebook" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/twitter/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fgold%2Fgold-edging-higher-ahead-of-the-us-inflation-report%2Fcerlam&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/twitter.png" border="0" alt="Twitter" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/email/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fgold%2Fgold-edging-higher-ahead-of-the-us-inflation-report%2Fcerlam&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/email.png" border="0" alt="Email" /></a></p><p>Gold appears to have found some support again in recent days after rebounding twice around $1,900.</p>
<p>The US jobs report was one possible risk event that could have triggered a big move in gold, one way or another, and the other is due tomorrow in the shape of the US inflation report.</p>
<p>It seems gold bulls are feeling a little more confident, although $1,940 still poses a test having been a notable area of support in late May and the first half of June.</p>
<p><strong>Gold</strong></p>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-11_15-01-02.png" target="_blank" rel="noopener"><img loading="lazy" class="aligncenter wp-image-806305" src="https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-11_15-01-02-1024×441.png" alt="" width="619" height="267" srcset="https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-11_15-01-02-1024×441.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-11_15-01-02-300×129.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-11_15-01-02-768×331.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-11_15-01-02-1536×662.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-11_15-01-02.png 1793w" sizes="(max-width: 619px) 100vw, 619px" /></a></p>
<p>Source – OANDA on Trading View</p>
<p>We could just be seeing a corrective move after such a strong pullback from the highs in May, although a strong inflation number again tomorrow could send it lower once more.</p>
<p>If we do see a move above $1,940, the next levels that stand out are $1,960 and $1,980 which coincide with the 38.2% and 50% Fibonacci retracement levels, respectively.</p>
<p>If this is just a corrective move as part of a deeper decline, these may be viewed as possible rotation zones, especially falling around the 55/89-day simple moving average band.</p>
<p>Further above, the 61.8 fib level falls at $2,000 which is a major psychological barrier and as we’ve seen previously, a notable level of support and resistance.</p>
<p>Of course, gold hasn’t traded around here too much in its history but we can see that between March and May, the price was responsive to the level.</p>