XAU/USD – Could US CPI data trigger a major breakout in gold?

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<li><strong>Traders appear bullish ahead of CPI release</strong></li>
<li><strong>A number of resistance levels above</strong></li>
<li><strong>Could a stronger inflation report push gold below $1,900?</strong></li>
</ul>
<p>Gold is edging higher again today but there is clearly an element of caution in the move.</p>
<p>Perhaps traders are hopeful of a favorable CPI figure from the US but they’re clearly not that confident with the price remaining below $1,940 where it has repeatedly run into resistance.</p>
<p><strong>Gold Daily</strong></p>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-12_12-07-08.png" target="_blank" rel="noopener"><img loading="lazy" class="aligncenter wp-image-806330" src="https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-12_12-07-08-1024×441.png" alt="" width="619" height="267" srcset="https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-12_12-07-08-1024×441.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-12_12-07-08-300×129.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-12_12-07-08-768×331.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-12_12-07-08-1536×662.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/07/XAUUSD_2023-07-12_12-07-08.png 1793w" sizes="(max-width: 619px) 100vw, 619px" /></a></p>
<p>Source – OANDA on Trading View</p>
<p>A break above here today could be a bullish signal, although there remain many more obstacles ahead including $1,960, $1,980 and $2,000 before traders will feel confident that the yellow metal is back.</p>
<p>A stronger inflation report could push it back towards $1,900 which has held as support until now, mostly. A break of this could be a very bearish development.</p>
<p>The key levels below may be seen around $1,850-$1,870 around the 200/233-day simple moving average ban which also coincides with prior support and resistance around $1,860. That said, it is worth noting that it hasn’t been particularly responsive to this moving average band in the recent past.</p>
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